MIRA INFORM REPORT

Report Date :

09.09.2014

IDENTIFICATION DETAILS

Name :	SUNRISE METALLIC (INDIA) PRIVATE LIMITED
Registered Office :	Gala No: 210 And 211, Shiva Industrial Estate, Near Tata Power House, Lake Road, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.2005
Com. Reg. No.:	11-155696
Capital Investment / Paid-up Capital :	Rs.9.600 Millions
CIN No.: [Company Identification No.]	U27100MH2005PTC155696
TAN No.: [Tax Deduction & Collection Account No.]	MUMS49593F
PAN No.: [Permanent Account No.]	AAJCS2965E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Supplying and Exporting Quality Range of Bare Copper Wire and Bare Copper Strips.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low profitability. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB-
Rating Explanation	Adequate credit quality and high credit risk.
Date	June 05, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June 05, 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 DENIED BY

Name :	Mr. Nagar
Designation :	Accounts Manager
Contact No.:	91-22-25953241
Date :	01.09.2014

LOCATIONS

Registered Office :	Gala No: 210 And 211, Shiva Industrial Estate, Near Tata Power House, Lake Road, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No. :	91-22-25953241 / 42
Fax No. :	91-22-25953355
E-Mail :	sunrisemetallic@yahoo.co.in
Website :	http://www.sunrisemetallic.com
Factory :	Plot No. A/2, Shed No -503 GIDC, Sarigam Notified Area, Tal – Umergaon , Dist – Valsad – 396155, Gujrat, India
Tel. No. :	91-260-2780123
Fax No. :	91-260-2780124

DIRECTORS

As on 25.09.2013

Name :

Mr. Anil Bhawarlal Jain

Designation :

Director

Address :

101, Bhuleshwar Darshan Building, 1^st Floor, Dr. A.M Road, Bhuleshwar, Mumbai, 400002, Maharashtra, India

Date of Appointment :

29.08.2005

PAN No.:

ACZPJ0958M

DIN No. :

00384402

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	U36911MH2003PTC141385	SUNRISE GOLD-ALLOYS PRIVATE LIMITED	Director	18/07/03	18/07/03	-	Active	NO
2	U27100MH2005PTC155696	SUNRISE METALLIC (INDIA) PRIVATE LIMITED	Director	29/08/05	29/08/05	-	Active	NO
3	U27101MH2009PTC189469	SUNRISE COPPER PRIVATE LIMITED	Director	09/01/09	09/01/09	-	Active	NO
4	U51909WB2007PTC119824	HIMALAYA BARTER PRIVATE LIMITED	Director	25/07/12	25/07/12	10/09/12	Active	NO
5	U27300MH1977NPL019956	BOMBAY NON-FERROUS METALS ASSOCIATION LIMITED	Additional director	28/09/13	28/09/13	-	Active	NO

Name :

Bhawarlal Tokerchand Jain

Designation :

Director

Address :

101, Bhuleshwar Darshan Building, 1^st Floor, Dr. A.M Road, Bhuleshwar, Mumbai, 400002, Maharashtra, India

Date of Appointment :

29.08.2005

PAN No.:

ACUPJ3258K

DIN No. :

00384467

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares
Anil B. Jain	331480
Ketan B. Jain	103000
Bhurbai Jain	22000
Bhawarlal Jain	303500
Darshak Shah	5
Kanhaiyalal Jain	5
Karkal Shetty	5
Sunrise Gold Alloys Private Limited, India	200000
Mahavir Enterprises	5
Total	960000

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	21.00
Directors or relatives of Directors	78.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Supplying and Exporting Quality Range of Bare Copper Wire and Bare Copper Strips.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of India, R. N. Marg (Bandra) Branch, Geetaneel Arcade, 1^st Floor, 85-Hill Road, Bandra West, Mumbai - 400050, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1.469	4.335
Loan taken for vehicles	0.688	1.128
SHORT TERM BORROWINGS
Loans repayable on demand from banks	288.720	214.974
Total	290.877	220.437

Banking Relations :	--
Auditors :
Name :	Poonawalla and Associates Chartered Accountants
Address :	126, Abdul Rehman Street, 2^nd Floor, Mariam Manzil, Mumbai – 400003, Maharashtra, India
PAN No. :	AADPP5272E
Others :	v Sunrise Copper Private Limited v Sunrise Gold-Alloys Private Limited v Vinayak Metal Industries

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960000	Equity Shares	Rs.10/- each	Rs.9.600 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	9.600	9.600	6.600
(b) Reserves & Surplus	103.734	92.792	56.604
(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)	113.334	102.392	63.204
(3) Non-Current Liabilities
(a) long-term borrowings	10.693	5.463	7.591
(b) Deferred tax liabilities (Net)	0.008	0.578	0.198
(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)	10.701	6.041	7.789
(4) Current Liabilities
(a) Short term borrowings	309.193	288.712	176.196
(b) Trade payables	86.949	111.839	186.221
(c) Other current liabilities	11.654	12.193	19.486
(d) Short-term provisions	4.985	4.500	2.575
Total Current Liabilities (4)	412.781	417.244	384.478
TOTAL	536.816	525.677	455.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.189	19.101	20.296
(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	4.000	2.000	2.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.209	5.316	23.777
(e) Other Non-current assets	0.003	0.009	0.013
Total Non-Current Assets	27.401	26.426	46.086
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	157.861	239.600	199.002
(c) Trade receivables	226.337	152.904	143.816
(d) Cash and cash equivalents	44.190	21.379	17.537
(e) Short-term loans and advances	80.797	85.239	48.922
(f) Other current assets	0.230	0.129	0.108
Total Current Assets	509.415	499.251	409.385
TOTAL	536.816	525.677	455.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1723.580	1329.392	1262.895
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		15.356	14.069	7.914
Less	TAX		4.415	4.881	2.457
	PROFIT/ (LOSS) AFTER TAX		10.941	9.188	5.457
	Earnings / (Loss) Per Share (Rs.)		11.40	9.57	5.68

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.89	1.06	0.63
Return on Total Assets (PBT/Total Assets}	(%)	2.88	2.69	1.75
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.13
Debt Equity Ratio (Total Debt/Networth)		2.82	2.87	2.91
Current Ratio (Current Asset/Current Liability)		1.23	1.20	1.06

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	6.600	9.600	9.600
Reserves & Surplus	56.604	92.792	103.734
Net worth	63.204	102.392	113.334
long-term borrowings	7.591	5.463	10.693
Short term borrowings	176.196	288.712	309.193
Total borrowings	183.787	294.175	319.886
Debt/Equity ratio	2.908	2.873	2.823

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	1262.895	1329.392	1723.580
		5.265	29.652

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	1262.895	1329.392	1723.580
Profit	5.457	9.188	10.941
	0.43%	0.69%	0.63%

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	No
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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 address of the company has been shifted from 61, Bhuleshwar Darshan Building 1^st Floor Flat No 101 Dr. A M Road Bhuleshwar Mumbai – 400002, Maharashtra, India to the present address w.e.f 15.04.2006

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances	8.536	0.000
SHORT TERM BORROWINGS
Intercorporate borrowings	20.473	64.401
Loans and advances from related parties	0.000	9.337
Total	29.009	73.738

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421438	21/03/2013	120,000,000.00	Bank of India	R. N. Marg (Bandra) Branch, Geetaneel Arcade, 1^st floor, 85-Hill Road, Bandra West, Mumbai, Maharashtra - 400050, INDIA	B73671380
2	10103631	06/02/2013 *	302,900,000.00	Bank of India	R. N. Marg, 44- Hill Road, Bandra West, Mumbai,  Maharashtra - 400050, INDIA	B68675453
3	10039046	12/08/2009 *	164,185,000.00	Bank of India	R.N.Marg Branch, Hill road, Bandra (w), Mumbai,  Maharashtra - 400050, INDIA	A70627484

FIXED ASSETS

œ Buildings

œ Plant and Equipment

œ Vehicles

œ Office Equipment

œ Computer Equipment’s

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.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		35

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.