MIRA INFORM REPORT

Report No. :	316112
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	SUNIL FORGING AND STEEL INDUSTRIES UNIT II
Registered Office :	L-141, Village Tonder, MIDC, Taloja, Navi Mumbai – 410208, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment:	2007
Capital Investment / Paid-up Capital :	Rs. 227.785 Million
IEC No.:	Not Available
Tin No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of open die steel forging, round shaft rolls, gear blanks, industrial shafts, industrial gears etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track. The rating takes into consideration good net worth and liquidity position of the concern. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual business 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.

EXTERNAL AGENCY RATING

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

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. Nitesh Agarwal
Designation :	Partner
Contact No.:	91-9920329981
Date :	03.04.2015

LOCATIONS

Registered Office/ Factory :	L-141, Village Tonder, MIDC, Taloja, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91- 22-27401641/ 42/ 46/ 32676007
Mobile No.:	91-9920329981 (Mr. Nitesh Agarwal)
Fax No.:	91-22-27401641
E-Mail :	info@sunilforgings.com enquiry@sunilforging.com sales@sunilforgings.com
Website :	http://www.sunilforging.com http://www.steelshaftforging.com
Location :	Owned

PARTNERS

Name :	Mr. Suresh Chandra Agarwal
Designation :	Partner
Name :	Mr. Nitesh Agarwal
Designation :	Partner
Name :	Mr. Pramesh Agarwal
Designation :	Partner
Name :	Mr. Mahendra Agarwal
Designation :	Partner
Name :	Mr. Benoo Agarwal
Designation :	Partner
Name :	Mr. Rakesh Agarwal
Designation :	Partner
Name :	Mr. Sunil Agarwal
Designation :	Partner
Name :	Mr. Rajiv Agarwal
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of open die steel forging, round shaft rolls, gear blanks, industrial shafts, industrial gears etc.
Products :	Open die steel forging Round shaft rolls Gear blanks Industrial shafts Industrial gears etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Open die steel forging Round shaft rolls Gear blanks Industrial shafts Industrial gears etc.
Countries :	America Europe Middle East
Imports :
Products :	Raw Material
Countries :	Korea
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

50 (Approximately)

Bankers :

• Axis Bank Limited

Bank Name	HDFC Bank Limited
Branch	Byculla, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	Saraswat Co-operative Bank Limited
Branch	Dadar, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

R.P Agrawal and Company

Chartered Accountants

Address:

Mumbai, Maharashtra, India

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Name	Sunil Forging and Steel Industries
Address:	Plot No. D-3, Road - H MIDC, Taloja Industrial Area, Navi Mumbai - 410208 Maharashtra, India

CAPITAL STRUCTURE

PARTNER CAPITAL ACCOUNT

Particular	Rs. in Million
Mahendra Agarwal	51.350
Suresh Chandra Agarwal	0.127
Benoo Agarwal	33.196
Pramesh Agarwal	28.067
Rakesh Agarwal	30.082
Sunil Agarwal	44.005
Rajiv Agarwal	40.958
Total	227.785

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner Capital Account		227.785	201.758
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		227.785	201.758
LOAN FUNDS
1] Secured Loans		27.826	33.545
2] Unsecured Loans		36.451	40.550
TOTAL BORROWING		64.277	74.095
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		292.062	275.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.393	112.770
Capital work-in-progress		0.000	0.000
INVESTMENT		0.026	0.026
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.161	134.313
	Sundry Debtors	105.118	83.218
	Cash & Bank Balances	6.973	6.166
	Loans & Advances	8.030	15.737
Total Current Assets		274.282	239.434
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.410	71.582
	Other Current Liabilities	5.229	4.795
	Provisions	0.000	0.000
Total Current Liabilities		89.639	76.377
Net Current Assets		184.643	163.057
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		292.062	275.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	307.652	228.617
		Other Income	4.848	3.548
		TOTAL	312.500	232.165
Less	EXPENSES
		Cost of Goods Sold	NA	130.551
		Import Duty	NA	2.664
		Central Excise Duty	NA	0.079
		Oil and Fuel	NA	23.466
		Stores and Spares	NA	1.952
		Gas Purchased	NA	0.080
		Transportation Charges	NA	4.700
		Wages and Salaries	NA	1.360
		Bonus	NA	0.126
		Hiring Charges	NA	0.283
		Labor Charges	NA	4.160
		Electricity Charges	NA	4.342
		Staff Welfare Expenses	NA	0.406
		Telephone Expenses	NA	0.195
		Postage and Courier Expenses	NA	0.028
		Conveyers Expenses	NA	0.266
		Travelling Expenses	NA	0.172
		Rent, Rates And Taxes	NA	0.056
		Printing and Stationery	NA	0.040
		Cutting Expenses	NA	0.005
		Water Charges	NA	0.178
		Insurance	NA	0.097
		Motor Car Expenses	NA	0.448
		Interest on Loan	NA	3.397
		Bank Interest	NA	4.297
		Interest on Car Loan	NA	0.072
		Brokerage and Commission	NA	2.068
		Bank Charges	NA	0.993
		Professional Fees	NA	0.114
		Audit Fees	NA	0.020
		Interest To Partners	NA	21.636
		Octopi Charges	NA	0.002
		Repairs and Maintenance	NA	4.794
		Discount and Deductions	NA	0.538
		Depreciation	NA	13.879
		Clearing and Forwarding	NA	0.321
		Hammer Contractor	NA	0.721
		Sales Promotion	NA	0.144
		Testing Charges	NA	0.240
		License Fees	NA	0.085
		Weight Charges	NA	0.097
		Insurance Charges	NA	0.097
		Service Tax	NA	0.350
		Motor Car Loan Interest	NA	0.072
		Property Tax	NA	0.362
		Inspection Fees	NA	0.172
		Advertisement Expense	NA	0.238
		Security Charges	NA	0.310
		TOTAL	NA	230.673
	NET PROFIT		NA	1.492

Expected Sales (2014-2015): Rs. 420.000 Million

The above information has been parted by Mr. Nitesh Agarwal (Partner)

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	NA	0.65
Return on Investment (ROI) (PBT/Networth)		NA	0.01
Debt Equity Ratio (Total Debt /Networth)		0.28	0.37
Current Ratio (Current Asset/Current Liability)		3.06	3.13

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Partner Capital	201.758	227.785
Reserves & Surplus	0.000	0.000
Net worth	201.758	227.785
Secured Loans	33.545	27.826
Unsecured Loans	40.550	36.451
Total borrowings	74.095	64.277
Debt/Equity ratio	0.367	0.282

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	228.617	307.652
		34.571

NET PROFIT MARGIN

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 one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	No
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	No
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	No

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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.