MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	SURIBA INDUSTRIES
Registered Office :	85, Navjeevan Vihar, New Delhi - 110017
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2005
Capital Investment / Paid-up Capital :	Rs.42.464 Millions
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Electric Home Appliances.
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate track record. Mr. Pankaj Rawat Account Manager confirmed a dip in its sales turnover during 2014 due to non – receivable of payment from few customers. As per available financial of 2013, the profit margin of the company seems to be low, borrowing of the company are huge. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealings 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

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 (B)
Rating Explanation	High risk of default.
Date	31.07.2014

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. Pankaj Rawat
Designation :	Account Manager
Contact No.:	91-011-49606604
Date :	12.09.2014

LOCATIONS

Registered Office :	85, Navjeevan Vihar, New Delhi – 110017, India
Tel. No.:	Not Available
Mobile No.:	91-9318619824 (Mr. A. K. Singh)
Fax No.:	Not Available
E-Mail :	pc@suribaindia.com Pankaj.rawatQsuribaindia.com
Location :	Owned
Factory :	No. 199, Muja Kunjhal No. 216, Village Kunjhal, Tehsil Nalagarh, Solan, Himachal Pradesh
Corporate Office :	L – 4 Vashist House , Kalu Sarai, New Delhi – 110016, India
Tel. No.:	91-11-49606604
Location :	Rented

PARTNERS

Name :	Mr. Narendra Kumar Suri
Designation :	Partner
Name :	Mrs. Sunita Kumar Suri
Designation :	Partner
Name :	Mr. Pankaj Chadda
Designation :	Partner
Name :	Mr. Bhuvneshwar Suri
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Pankaj Rawat
Designation :	Account Manager

BUSINESS DETAILS

Line of Business :	Manufacturer of Electric Home Appliances.
Products :	Spare Parts
Countries :	· China · Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit and LC and TT

GENERAL INFORMATION

Suppliers :	R. M. Metal, Mumbai, Maharashtra, India
Customers :	Wholesalers and Retailers · Toshiba Appliances Company Private Limited
No. of Employees :	85 (Approximately)
Bankers :	Corporation Bank, Lodhi Complex, New Delhi
Facilities :	Fund and Non Fund = Rs.89.900 Millions

Banking Relations :	--
Auditors :
Name :	Sunil Jain and Company Chartered Accountants
Sister Concern :	Toshiba Appliances Company Private Limited Line of Business – Trader of Electric home appliances.

CAPITAL STRUCTURE

As on: 31.03.2013

Capital Investment :
Owned :	42.464 Millions (Estimated)
Borrowed :	--
Total :	42.464 Millions (Estimated)

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	246.300
	(Due to non receivable of payment from few customer)

The above information has been parted by Mr. Pankaj Rawat

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	31.03.2011
SHAREHOLDERS FUNDS
1] Partners Capital		42.463	39.752	36.028
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.463	39.752	36.028
LOAN FUNDS
1] Secured Loans		62.899	30.890	19.639
2] Unsecured Loans		53.407	80.638	53.518
TOTAL BORROWING		116.307	111.528	73.157
DEFERRED TAX LIABILITIES			0.000	0.000
TOTAL		158.770	151.280	109.185
APPLICATION OF FUNDS		0.000	0.000	0.000
FIXED ASSETS [Net Block]		30.663	29.359	28.144
Capital work-in-progress		0.000	2.605	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.115	0.100	0.099
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.613	48.987	46.882
	Sundry Debtors	139.497	80.140	60.072
	Cash & Bank Balances	0.916	1.144	1.615
	Other Current Assets	8.855	0.727	0.698
	Loans & Advances	21.846	19.305	14.268
Total Current Assets		234.729	150.303	123.535
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.525	24.913	39.835
	Other Current Liabilities	72.544	6.078	2.714
	Provisions	0.668	0.096	0.043
Total Current Liabilities		106.736	31.087	42.592
Net Current Assets		127.992	119.216	80.942
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		158.770	151.280	109.185

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	354.171	261.881	236.058
		Other Income	(0.727)	12.286	2.177
		TOTAL	353.444	274.167	238.235
Less	EXPENSES
		Cost of Materials Consumed	261.228	222.887	202.345
		Manufacturing Expenses	58.589	12.230	13.667
		Administrative expenses	4.525	6.674	4.736
		Selling and distribution expenses	3.187	9.988	2.042
		TOTAL	327.529	251.779	222.790
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		25.915	22.388	15.445
Less	FINANCIAL EXPENSES		17.572	14.119	7.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.343	8.269	7.826
Less/ Add	DEPRECIATION/ AMORTISATION		4.059	4.081	3.816
	NET PROFIT BEFORE TAX		4.284	4.188	4.010
Less	TAX		1.052	0.978	0.872
	NET PROFIT AFTER TAX		3.232	3.210	3.138

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.91	1.49	1.32
Net Profit Margin (PBT/Sales)	(%)	1.21	1.60	1.70
Return on Total Assets (PBT/Total Assets}	(%)	3.35	2.33	2.64
Return on Investment (ROI) (PBT/Networth)		10.09	10.54	11.13
Debt Equity Ratio (Total Debt /Networth)		2.74	2.81	2.03
Current Ratio (Current Asset/Current Liability)		2.20	4.83	2.90

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	36.028	39.752	42.463
Reserves & Surplus	0.000	0.000	0.000
Net worth	36.028	39.752	42.463
Secured Loan	19.639	30.890	62.899
Unsecured Loan	53.518	80.637	53.407
Total borrowings	73.157	111.527	116.306
Debt/Equity ratio	2.031	2.806	2.739

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	236.058	261.881	354.171
		10.939	35.241

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	236.058	261.881	354.171
Profit	3.138	3.210	3.232
	1.33%	1.23%	0.91%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	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	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.60.99
UK Pound	1	Rs.99.09
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.