MIRA INFORM REPORT

Report Date :

19.07.2014

IDENTIFICATION DETAILS

Name :	SUMA SPRINGS PRIVATE LIMITED
Registered Office :	Plot No. 224 – B, Bommasandra Industrial Area, Bommasandra, Bangalore – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.01.1992
Com. Reg. No.:	08-012699
Capital Investment / Paid-up Capital :	Rs.3.153 Millions
CIN No.: [Company Identification No.]	U29246KA1992PTC012699
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Springs.
No. of Employees :	135 (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

Maximum Credit Limit :	USD 269000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB
Rating Explanation	Moderate risk of default
Date	May 29, 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. Ramesh
Designation :	Accounts Manager
Contact No.:	91-80-27833104
Date :	17.07.2014

LOCATIONS

Registered Office / Factory 1:	Plot No. 224 – B, Bommasandra Industrial Area, Bommasandra, Bangalore – 560099, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@sumasprings.com
Factory 2 :	A-63, Anekal Taluk, Bommasandra Industrial Estate, Bommasandra Industrial Area, Bangalore - 560099, Karnataka, India
Tel. No.:	91-80-27833104
Factory 3 :	Located At : Pondicherry, India

DIRECTORS

As on 30.09.2013

Name :

Mrs. Sumitra Hari

Designation :

Whole-time Director

Address :

802, 7^th, Main, 1^st Cross, Hal II Stage, Indiranagar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

07.06.1950

Date of Appointment :

03.02.1992

DIN No.:

01608993

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	U29246KA1992PTC012699	SUMA SPRINGS PRIVATE LIMITED	Whole-time director	03/02/1992	03/02/1992	-	Active	NO
2	U74210KA1980PTC003728	NATS ENGINEERING COMPANY PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO

Name :

Mr. Satish Babu Hari

Designation :

Managing Director

Address :

802, 7^th, Main, 1^st Cross, Hal II Stage, Indiranagar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

05.08.1971

Date of Appointment :

28.07.2000

DIN No.:

01868652

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	U29246KA1992PTC012699	SUMA SPRINGS PRIVATE LIMITED	Managing director	28/07/2000	28/07/2000	-	Active	NO
2	U74210KA1980PTC003728	NATS ENGINEERING COMPANY PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
3	U45205KA2011PTC057882	SUNLAND ESTATES PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO
4	U28113KA2012PTC065137	MASSELIN SUMA SPRINGS INDIA PRIVATE LIMITED	Managing director	13/12/2012	01/08/2012	-	Active	NO
5	U45203KA2012PTC066959	SUNLAND VENTURES INDIA PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO

Name :

Mr. Prashanth Hari

Designation :

Whole-time Director

Address :

802, 7^th, Main, 1^st Cross, Hal II Stage, Indiranagar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

18.08.1977

Date of Appointment :

01.11.2005

DIN No.:

01936343

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	U29246KA1992PTC012699	SUMA SPRINGS PRIVATE LIMITED	Whole-time director	01/11/2005	01/11/2005	-	Active	NO
2	U28113KA2012PTC065137	MASSELIN SUMA SPRINGS INDIA PRIVATE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO

sss

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Satis Babu Hari	12035	38.18
Asha Rani	5	0.02
Thubalunta Dhanapati	5	0.02
Sumitra Hari	9920	31.47
Prashanth Hari	9560	30.33
Total	31525	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Springs.

Products :

Item Code No. (ITC Code)	Product Description
7320	Springs

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

¨ Tata Steel Limited

Customers :

End Users

¨ Honda Motors Limited

No. of Employees :

135 (Approximately)

Bankers :

· State Bank of Mysore, SME City Credit, No.8/6, 2^nd Floor, Ranga Rao Road, Shankarpuram, Bangalore – 560004, Karnataka, India

· Axis Bank Limited, Trishul 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

· ICICI Bank Limited

· Vijaya Bank, Bangalore

· State Bank of India, Bangalore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – S B M A/c No – 5552	4.747	6.985
Term Loan – S B M A/c No – 1431	0.585	1.275
SHORT TERM BORROWINGS
Cash Credit Loan from S B M – 9950	12.690	13.762
Vehicles Loan	2.160	1.944
Total	20.182	23.966

Banking Relations :	--
Auditors :
Name :	Murali and Venkat Chartered Accountants
Address :	No. 1605A, 28^th Main Road, 29^th Cross, Banashankari 2^nd Stage, Bangalore – 560070, Karnataka, India
Tel No.:	91-80-26710562 / 26710531
Fax No.:	91-80-26714185
PAN No. :	AAIPV2124N
Associates/Subsidiaries :	Hari Industries

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.10/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31525	Equity Shares	Rs.10/- each	Rs.3.153 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	3.153	3.153	3.153
(b) Reserves & Surplus	64.074	54.550	45.396
(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)	67.227	57.703	48.549
(3) Non-Current Liabilities
(a) long-term borrowings	5.332	8.299	13.091
(b) Deferred tax liabilities (Net)	3.625	3.403	3.233
(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)	8.957	11.702	16.324
(4) Current Liabilities
(a) Short term borrowings	14.850	15.706	16.141
(b) Trade payables	56.100	53.673	44.486
(c) Other current liabilities	0.908	0.809	0.949
(d) Short-term provisions	4.366	4.356	5.035
Total Current Liabilities (4)	76.224	74.544	66.611
TOTAL	152.408	143.949	131.484
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.474	50.730	44.788
(ii) Intangible Assets	0.050	0.050	0.050
(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	12.095	13.609	8.109
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.619	64.389	52.947
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.001	6.502	5.312
(c) Trade receivables	58.300	51.561	48.966
(d) Cash and cash equivalents	11.582	9.004	18.074
(e) Short-term loans and advances	2.818	3.007	2.571
(f) Other current assets	11.088	9.486	3.614
Total Current Assets	87.789	79.560	78.537
TOTAL	152.408	143.949	131.484

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES TURNOVER (APPROXIMATELY)	280.000	200.000	210.000
PROFIT/ (LOSS) FOR THE YEAR	4.524	9.154	8.617

The above information has been parted by Mr. Ramesh

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.30	0.42	0.60
Current Ratio (Current Asset/Current Liability)	1.15	1.07	1.18

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	3.153	3.153	3.153
Reserves & Surplus	45.396	54.550	64.074
Net worth	48.549	57.703	67.227
long-term borrowings	13.091	8.299	5.332
Short term borrowings	16.141	15.706	14.850
Total borrowings	29.232	24.005	20.182
Debt/Equity ratio	0.602	0.416	0.300

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales Turnover (Approximately)	210.000	200.000	280.000
		(4.7620	40.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales Turnover (Approximately)	210.000	200.000	280.000
Profit	8.617	9.154	4.524
	4.10%	4.58%	1.62%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	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	Yes

NOTE:

The registered office address of the company has been shifted from C 34, Bommasandra Industrial Estate, Bommasandra, Bangalore – 560099, Karnataka, India, to present address w.e.f. 12.06.2009

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long Term Borrowings
From Directors
Satish Babu	0.000	0.020
Prashanth	0.000	0.019
Total	0.000	0.039

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10460895	07/10/2013	1,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B89799563
2	10194620	08/12/2009	14,000,000.00	STATE BANK OF MYSORE	SME CITY CREDIT CENTRE, NO. 8/6, 2ND FLOOR, RANGA RAO ROAD, SHANKARPURAM, BANGALORE, Karnataka - 560004, INDIA	A75593061
3	80016052	08/01/2014 *	55,000,000.00	STATE BANK OF MYSORE	Small & Medium Enterprises City Credit Centre, No .8/6,2nd Floor, Ranga Rao Road, Shankarapuram, Bangalore, Karnataka - 560004, INDIA	B94444874

* Date of charge modification

FIXED ASSETS

œ Factory Building

œ Plant and Machinery

œ Motor Vehicles

œ Furniture and Fixture

œ Electrical Fitting

œ Office Equipment

œ Computer

œ Printer

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.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

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