MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	SUNBEAM MERCHANTILE VENTURES PRIVATE LIMITED
Registered Office :	Building No VII/83JEW Town Daeusalam Road, Mattanchery P O Ernakulam-682002 ,Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.05.2004
Com. Reg. No.:	09-017150
Capital Investment / Paid-up Capital :	Rs. 0.200 million
CIN No.: [Company Identification No.]	U51229KL2004PTC017150
IEC No.:	Not Available
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 :	Distributor and Importer of food and Consumer Products
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects sound financial risk profile marked by decent profitability and healthy reserves position of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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.

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. Shiv Kumar Aggarwal
Designation :	Director
Contact No.:	91-484-2226422
Date :	18.11.2014

LOCATIONS

Registered Office :	Building No VII/83JEW Town Daeusalam Road, Mattanchery P O Ernakulam-682002,Kerala, India
Tel. No.:	91-484-2226422
Fax No.:	Not Available
E-Mail :	singhalbvos@eth.net
Website :	http://www.sunbeamventures.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vikash Kumar Singhal

Designation :

Managing Director

Address :

VIII 2102, Nakipuria Sadan, Gujarathy Road, Mattanchery P O, Ernakulam-682002, Kerala, India

Date of Birth/Age :

27.09.1976

Date of Appointment :

10.05.2012

DIN No.:

00820091

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	U51229KL2004PTC017150	SUNBEAM MERCHANTILE VENTURES PRIVATE LIMITED	Managing director	10/05/2012	28/05/2004	-	Active	NO
2	U91110KL1948NPL000469	INDIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	30/09/2009	30/09/2009	-	Active	NO
3	U72200KL2011PTC030040	CATERPILLAR LABS PRIVATE LIMITED	Director	15/12/2011	15/12/2011	-	Active	NO
4	U72200KL2013PTC035012	SINGHAL LABS PRIVATE LIMITED	Whole-time director	17/09/2013	17/09/2013	-	Active	NO

Name :

Mr. Vishal Kumar Singhal

Designation :

Director

Address :

VIII 2102, Nakipuria Sadan, Gujarathy Road, Mattanchery P O, Ernakulam-682002, Kerala, India

Date of Birth/Age :

15.02.1982

Date of Appointment :

28.05.2004

DIN No.:

00820058

Name :

Mr. Moulshree Singhal

Designation :

Director

Address :

VIII 2102, Nakipuria Sadan, Gujarathy Road, Mattanchery P O, Ernakulam-682002, Kerala, India

Date of Birth/Age :

23.10.1976

Date of Appointment :

18.12.2007

DIN No.:

01833839

Name :

Mr. Shiv Kumar Aggarwal

Designation :

Director

Address :

VIII 2102, Nakipuria Sadan, Gujarathy Road, Mattanchery P O, Ernakulam-682002, Kerala, India

Date of Birth/Age :

15.11.1953

Date of Appointment :

10.05.2012

DIN No.:

01210661

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage
Mr. Vikash Kumar Singhal	70	35.00
Mr. Vishal Kumar Singhal	50	25.00
Mr. Moulshree Singhal	30	15.00
Mrs. Krishna Devi	20	10.00
Mrs. Anandi Devi	20	10.00
Mr. Shiv Kumar Aggarwal	10	5.00
Total	200	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor and Importer of food and Consumer Products
Exports :	Not Available
Imports :
Products :	Food and Non food product
Countries :	· USA · UK · Belgium · Sri lanka · Thailand · Turkey · Spain
Terms :
Selling :	Cash, Credit and Depends
Purchasing :	Cash, Credit and Depends

GENERAL INFORMATION

Suppliers :

· Pigeon India Limited, Bombay

· Meekays Limited, UK

Customers :

Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Banker Name :	ING Vysya Bank
Branch Address :	Mathanchery, Cohin, India
Facilities :	Not Divulged
Person Name :	Mr. Jijo (Branch Manager)
Contact No.:	91-9633276829
Report :	Not Divulged
Name of Account Holder	Sunbeam Merchantile Ventures Private Limited
Account Number	Not divulged
Account Since (Date/Year of Account Opening)	More than 10 years
Average Balance Maintained (If Possible)	Rs.10.000 millions above yearly
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Having a current Account
Remarks (If any)	Having enough owned fund with the bank, having very very good track record for banking transaction.

Facilities :

--

Auditors :
Name :	B. K. Kamath and Company Chartered Accountant
Address :	Gujarathi Road, Cohin-682002, Kerala, India
PAN No.:	ACMPK3889M
Sister concern :	Singhal Brother, India (Line of Business : Trader of Spices)

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200	Equity Shares	Rs.1000/- each	Rs. 0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200	Equity Shares	Rs.1000/- each	Rs. 0.200 million

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	0.200	0.200	0.200
(b) Reserves & Surplus	47.349	26.381	15.527
(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)	47.549	26.581	15.727
(3) Non-Current Liabilities
(a) long-term borrowings	36.319	17.386	11.952
(b) Deferred tax liabilities (Net)	0.000	0.000	0.005
(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)	36.319	17.386	11.957
(4) Current Liabilities
(a) Short term borrowings	0.500	6.100	0.100
(b) Trade payables	2.983	0.665	0.472
(c) Other current liabilities	2.274	1.363	0.204
(d) Short-term provisions	0.000	0.000	0.124
Total Current Liabilities (4)	5.757	8.128	0.900
TOTAL	89.625	52.095	28.584
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.330	0.094	0.044
(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)	0.056	0.005	0.000
(d) Long-term Loan and Advances	0.005	0.005	0.000
(e) Other Non-current assets	0.000	0.000	0.006
Total Non-Current Assets	0.391	0.104	0.050
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.643	15.211	6.751
(c) Trade receivables	32.222	22.663	10.650
(d) Cash and cash equivalents	9.262	2.332	2.354
(e) Short-term loans and advances	17.105	11.608	8.125
(f) Other current assets	0.002	0.177	0.654
Total Current Assets	89.234	51.991	28.534
TOTAL	89.625	52.095	28.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	220.646	107.388	754.850
Less	EXPENSES
		TOTAL	189.652	91.324	628.050
	PROFIT BEFORE TAX		30.994	16.064	126.800
Less	TAX		10.025	5.211	(714.700)
	PROFIT AFTER TAX		20.969	10.853	841.500
	Earnings Per Share (Rs.)		1048	54	42

Particulars	31.03.2014
Sales Turnover (Approximately)	260.000

The above information has been parted by Mr. Shiv Kumar Aggarwal (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	9.50	10.11	111.48
Return on Total Assets (PBT/Total Assets}	(%)	34.60	30.84	443.60
Return on Investment (ROI) (PBT/Networth)		0.65	0.60	8.06
Debt Equity Ratio (Total Debt /Networth)		0.77	0.88	0.77
Current Ratio (Current Asset/Current Liability)		15.50	6.40	31.70

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	0.200	0.200	0.200
Reserves & Surplus	15.527	26.381	47.349
Net worth	15.727	26.581	47.549
long-term borrowings	11.952	17.386	36.319
Short term borrowings	0.100	6.100	0.500
Total borrowings	12.052	23.486	36.819
Debt/Equity ratio	0.766	0.884	0.774

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	754.850	107.388	220.646
		(85.774)	105.466

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	754.850	107.388	220.646
Profit	841.500	10.853	20.969
	111.48%	10.11%	9.50%

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	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	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	No

UNSECURED LOAN

UNSECURED LOAN	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)
Long Term Borrowing
Loan from director and share holders	36.319	17.386
Short Term Borrowing
Loan from director and share holders	0.500	6.100
Total	36.819	23.486

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Air conditioner

· Cycle

· Mobile phone

· Computer

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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		50

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.