MIRA INFORM REPORT

Report No. :	329686
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	SHRINIVAS ELECTRICALS GTD PRIVATE LIMITED

Formerly Known As :	SOMNATH ELECTRICAL AND INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 04.09.2012) SAIRUS INFRA PRIVATE LIMITED

Registered Office :	Ser. No. 15/3, Plot No - 5, Narayan Gurudev Trust, Pakhal Road, Nashik – 422006, Maharashtra
Tel. No.:	91-253-2237337

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.12.2011

Com. Reg. No.:	11-224557

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U45400MH2011PTC224557

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 :	Service provider of substation installation services, HT and IT cable laying, solar power products.

No. of Employees :	290 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small Company

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a small company in its filed. Its scale of activities are limited. The company has shown a growth in turnover and profitability during FY 2014 however, the rating takes into consideration company’s modest networth and its small scale of operations. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Hemant Wani
Designation :	Deputy Manager
Contact No.:	91-9822631177
Date :	27.06.2015

LOCATIONS

Registered Office :	Ser. No. 15/3, Plot No - 5, Narayan Gurudev Trust, Pakhal Road, Nashik – 422006, Maharashtra, India
Tel. No.:	91-253-2237337
Mobile No.:	91-9822631177 (Mr. Hemant Wani) 91-8411882244 (Mr. Mukherjee)
Fax No.:	Not Available
E-Mail :	cs@shrinivaselectricals.com
Website :	www.shrininaselectrical.com
Area :	6300 sq. ft.
Location:	Owned
Locality:	Residential

Branches :	Located at: · Kalyan, Nashik, Maharashtra, India · Manmad, Nashik, Maharashtra, India · Sangamner, Maharashtra, India · Ahmednagar, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ganesh Ramesh Nibe
Designation :	Director
Address :	Flat No. 402, Violet Dream City, Agar Takli, Nashik – 422006, Maharashtra, India
Date of Birth/Age :	07.02.1981
Date of Appointment :	01.12.2011
DIN No.:	02932622

Name :	Mr. Deelip Laxman Dhake
Designation :	Additional director
Address :	Flat No. 4, Atterya Apartment, Mahatma Nagar, Nashik – 422007, Maharashtra, India
Date of Birth/Age :	06.08.1956
Date of Appointment :	22.07.2014
DIN No.:	06935509

KEY EXECUTIVES

Name :	Mr. Hemant Wani
Designation :	Deputy Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Ganesh Ramesh Nibe		510
Manjush Ganesh Nibe		490

Total		1000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Service provider of substation installation services, HT and IT cable laying, solar power products.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cheque and Credit

Purchasing :	Cheque and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

290 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	Indira Nagar, Nashik, Maharashtra, India
Person Name (With Designation) :	Mr. Satish (Branch Manager)
Contact Number :	91-253-2320302
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	Soumitra Mukherjee and Company Chartered Accountants
Address :	'Nabomitra', 19 Shraddha Vihar, Wadala Pathardi Road, Indira Nagar, Nashik – 422009, Maharashtra, India
Tel. No.:	91-253-2319001
Mobile No.:	91-9822501676
E-Mail :	Sumo862001@yahoo.com
PAN No.:	AAZPM1384L

Memberships :	Not Divulged

Collaborators :	Not Divulged

Related Party :	Shri Nivas Fabrication GTD Private Limited Shriniwas Construction

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.936	0.498	0.498
(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)	1.036	0.598	0.598

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.054	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.388	0.000	0.000
Total Non-current Liabilities (3)	1.442	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.036
(b) Trade payables	84.987	7.406	0.000
(c) Other current liabilities	0.000	2.196	14.251
(d) Short-term provisions	1.408	1.428	0.253
Total Current Liabilities (4)	86.395	11.030	14.540

TOTAL	88.873	11.628	15.138

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.006	0.120	0.300
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.070	9.489	0.000
(e) Other Non-current assets	0.000	0.030	0.000
Total Non-Current Assets	1.076	9.639	0.300

(2) Current assets
(a) Current investments	0.000	0.001	0.000
(b) Inventories	62.598	0.000	0.000
(c) Trade receivables	11.038	0.513	13.126
(d) Cash and cash equivalents	0.286	0.060	0.096
(e) Short-term loans and advances	7.646	0.000	0.055
(f) Other current assets	6.229	1.415	1.561
Total Current Assets	87.797	1.989	14.838

TOTAL	88.873	11.628	15.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8.300	0.405	13.911
		Other Income	5.504	0.355	0.000
		TOTAL (A)	13.804	0.760	13.911

Less	EXPENSES
		Cost of Materials Consumed	74.461	0.405	5.027
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(62.598)	0.000	4.444
		Employee Benefits Expenses	0.081	0.000	0.000
		Other Expenses	1.021	0.175	3.529
		TOTAL (B)	12.965	0.580	13.000

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.839	0.180	0.911

Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.839	0.180	0.911

Less	DEPRECIATION/ AMORTISATION (F)		0.137	0.180	0.200

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.702	0.000	0.711

Less	TAX (H)		0.000	0.000	0.213

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.702	0.000	0.498

	Earnings Per Share (Rs.)		437.63	0.00	NA

Particulars

31.03.2015

Sales Turnover (Approximately)

800.000

[Due to new tender]

Expected Sales (2015-2016): Rs.1250.000 Million

The above information has been parted by Mr. Hemant

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	8.46	0.00	3.58

Operating Profit Margin (PBDIT/Sales)	(%)	10.11	44.44	6.55

Return on Total Assets (PBT/Total Assets)	(%)	0.79	0.00	4.70

Return on Investment (ROI) (PBT/Networth)		0.68	0.00	1.19

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.06

Current Ratio (Current Asset/Current Liability)		1.02	0.18	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.498	0.498	0.936
Net worth	0.598	0.598	1.036

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.036	0.000	0.000
Total borrowings	0.036	0.000	0.000
Debt/Equity ratio	0.060	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	13.911	0.405	8.300
		(97.089)	1,949.383

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	13.911	0.405	8.300
Profit	0.498	0.000	0.702
	3.58%	0.00%	8.46%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NO CHARGES EXIST FOR COMPANY

OPERATIONS:

Subject has completed three year of operations during the year. The revenue from operations in the said financial year is increased by more than 15% mainly due to the work order of M/s Shrinivas Electricals GTD Private Limited but the effective management and control the gain from operations increased from 0% to 8.45% of revenue as compared to the previous financial year. The directors are lad to announce that in the financial year 2013-2014, subject has entered into two back to back subcontracts with M//s EMC Limited, Kolkata to carry out work of four projects amounting to 4520 Million with in the State of Maharashtra. Hence, in future years the turnover of the company will shoot up.

FIXED ASSETS:

v Tangible Assets

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

v Intangible Assets

· Goodwill

· Brand

· Trademark

· Computer Software

· Mining rights

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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	DIV

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.

MIRA INFORM REPORT

NO CHARGES EXIST FOR COMPANY

Unit