MIRA INFORM REPORT

Report No. :	314511
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	SUNRISE STAINLESS PRIVATE LIMITED
Registered Office :	12, Murlidhar Flats-II, Opposite Municipal Market, C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.12.2010
Com. Reg. No.:	04-063142
Capital Investment / Paid-up Capital :	Rs.22.445 Million
CIN No.: [Company Identification No.]	U27109GJ2010PTC063142
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMS19920F
PAN No.: [Permanent Account No.]	AAPCS0726F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Products.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Sow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of huge external borrowings taken by the company which may act as a threat to its liquidity. Further, the company has low profit margin as well. However, trade relations are reported to be fair. Business is active. Payment 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.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ruchit Mahendra Shah
Designation :	Director
Contact No.:	91-9324111119
Date :	26.03.2015

LOCATIONS

Registered Office :	12, Murlidhar Flats-II, Opposite Municipal Market, C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9324111119 / 9930016333 (Mr. Ruchit Mahendra Shah)
Fax No.:	Not Available
E-Mail :	admin@sunrisegroupco.com ruchit@sunrisegroupco.com
Website :	http://www.sunrisestainless.com
Corporate Office :	100/102, Ground Floor, Seamless House, C.P. Tank Road, Mumbai - 400004, Maharashtra, India
Tel. No.:	91-22-67439190 / 67439191 / 67439193
Fax No.:	91-22-67439192
Factory :	3424/3425, GIDC Phase IV, Chhatral, Tal. Kalol, District Gandhinagar, Gujarat, India
Ahmedabad Office :	310, Ashirwad Paras, Corporate Road, Prahlad Nagar, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-30221110 / 30222110
Fax No.:	91-79-30221220

DIRECTORS

As on 30.09.2013

Name :	Mr. Jigenesh Rameshbhai Shah
Designation :	Director
Address :	1004, Pushkar Apartment, Judges Bunglow, Bodkdev, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	18.12.1974
Date of Appointment :	04.12.2010
PAN No.:	AAIPS6528B
DIN No.:	00311700
Name :	Mr. Mahendra Manilal Shah
Designation :	Director
Address :	Flat No 1201, 12th Floor, Spenta Tower, Fogest, Street, Gowalya Tank, Mumbai, 400036 - Maharashtra, India
Date of Birth/Age :	01.02.1953
Date of Appointment :	04.12.2010
PAN No.:	AAIPS6527Q
DIN No.:	00312465
Name :	Mr. Ruchit Mahendra Shah
Designation :	Director
Address :	Parijat Building 54 Vadilal A Patel Marg, Proctor Road Grant Road, Mumbai - 400007, Maharashtra, India
Date of Birth/Age :	01.06.1985
Date of Appointment :	04.12.2010
PAN No.:	AWFPS1117F
DIN No.:	03212037

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Mahendra Manilal Shah	700000
Ruchit Mahendra Shah	413500
Jigenesh Rameshbhai Shah	210000
Asmita Mahendra Shah	84500
Kina Jignesh Shah	180000
Bhumika Ruchit Shah	45000
Suryakiran Rolling Mills Private Limited, India	224400
Kartik R. Shah Trustee of Aditya K. Shah Education Trust	200
Alkesh R. Shah	100
Amisha S. Shah	100
Bhavitaben Riteshbhai Shah	100
Dipikaben Alkeshbhai Shah	100
Hireben Mithailal Shah	100
Kartikbhai R. Shah (HUF)	4700
Mahendra Manilal Shah HUF	3100
Jigenesh Rameshbhai Shah Trustee of Mishika J. Shah Education Trust	100
Nipa P. Shah	4600
Rameshchandfra M. Shah	168500
Rameshchandfra M. Shah HUF	100
Riteshbhai R. Shah	4900
Shenhal R. Shah	200
Sumitraben Rajnikant Shah	50
Shenhal R. Shah Trustee of Tanisha S. Shah Education Trust	100
Vishnubhai V. Patel	50
Kartik R. Shah	100000
Meghna Kartik Shah	100000
Total	2244500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	10.00
Directors or relatives of Directors	89.53
Other top fifty shareholders	0.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Products.

Products :

Product Description	Item Code No. (ITC Code)
S S Cold Rolled Sheet	72262021

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

USA

Terms :

Selling :

Cash and Credit (30 / 60 / 90 Days)

Purchasing :

Cash and Credit (30 / 60 / 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, 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)	Cash Credit = Rs.385.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
From HDFC Bank Limited (Term Loan secured by way of hypothecation of movable fixed assets of the company and equitable mortage over land and building of pipe unit of the company)	0.000	2.916
From Axis Bank Limited (Loan Secured by way of hypothecation of motor car)	0.000	0.099
From HDFC Bank Limited (Loan Secured by way of hypothecation of motor car)	0.675	0.000
From ICICI Bank Limited (Loan Secured by way of hypothecation of motor car)	0.056	0.273
SHORT TERM BORROWINGS
Working capital loans from banks
Cash Credit	64.272	96.798
Packing Credit	79.199	27.834
Buyers Credit	161.415	110.507
Letter of Credit	0.000	31.263
Secured by pledge of fixed deposit receipts	4.129	4.095
Total	309.746	273.785

Notes:

Short Term Borrowings

Secured by way of hypothecation of stock and book debts and further secured by Equitable mortgage of factory land & building and hypothecation of plant & machineries of the company and mortgage of residential property of directors

Auditors :
Name :	Bhanwar Jain and Company Chartered Accountants
Address :	302 Kaling Complex , Near Mount Carmel School, Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	AACFB8898F
Memberships :	--
Collaborators :	--
Associates :	Shah Foils Limited CIN No.: U27209GJ2004PLC043927 Address: 12, Murlidhar Flats-II, Opposite Municipal Market, C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India Line of Business: Manufacturer of Stainless Steel coils, Sheet and Strips. Sunrise Tradewing Private Limited CIN No.: U52342GJ2007PTC051294 Address: 12, Murlidhar Flats-II, Opposite Municipal Market, C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India Line of Business: Trader of Stainless Steel, Tubular and Flat Products. Steeloy Rolling Mills Private Limited CIN No.: U27100GJ2013PTC073221 Suryakiran Rolling Mills Private Limited CIN No.: U17110GJ1995PTC027596

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2244500	Equity Shares	Rs.10/- each	Rs.22.445 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	22.445	22.445	22.445
(b) Reserves & Surplus	77.037	69.155	61.131
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	25.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	124.482	91.600	83.576
(3) Non-Current Liabilities
(a) long-term borrowings	132.395	152.558	161.795
(b) Deferred tax liabilities (Net)	2.751	4.457	4.615
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.740	1.088	0.485
Total Non-current Liabilities (3)	136.886	158.103	166.895
(4) Current Liabilities
(a) Short term borrowings	309.015	270.497	366.408
(b) Trade payables	69.326	102.665	78.618
(c) Other current liabilities	48.755	32.277	23.610
(d) Short-term provisions	5.704	3.556	3.055
Total Current Liabilities (4)	432.800	408.995	471.691
TOTAL	694.168	658.698	722.162
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	124.434	117.896	72.972
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.555	0.000	8.773
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.134	2.474	1.704
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.033	16.711	9.007
(e) Other Non-current assets	0.122	0.244	0.365
Total Non-Current Assets	148.278	137.325	92.821
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	213.628	187.454	180.219
(c) Trade receivables	231.514	216.878	248.806
(d) Cash and cash equivalents	41.888	22.896	141.254
(e) Short-term loans and advances	57.583	93.497	56.639
(f) Other current assets	1.277	0.648	2.423
Total Current Assets	545.890	521.373	629.341
TOTAL	694.168	658.698	722.162

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)		1,482.335	1,404.070	1,366.999
Less	EXPENSES
		TOTAL (B)		1,429.875	1,356.774	1,318.488
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			52.460	47.296	48.511
Less	FINANCIAL EXPENSES (D)			24.592	21.909	27.338
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			27.868	25.387	21.173
Less	DEPRECIATION/ AMORTISATION (F)			14.473	13.899	9.678
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			13.395	11.488	11.495
Less	TAX (H)			3.998	3.398	4.393
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			9.397	8.090	7.102
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	426.526	217.119	NA
	TOTAL EARNINGS			426.526	217.119	NA
	IMPORTS
			Raw Materials	417.918	357.169	NA
	TOTAL IMPORTS			417.918	357.169	NA
	Earnings / (Loss) Per Share (Rs.)			4.19	NA	NA

Expected Sales (2014-2015): Rs.1500.000 Million

The above information has been parted by Mr. Ruchit Mahendra Shah

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.94	1.75	1.62
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.14
Debt Equity Ratio (Total Debt /Networth)		3.55	4.62	6.32
Current Ratio (Current Asset/Current Liability)		1.26	1.27	1.33

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	22.445	22.445	22.445
Reserves & Surplus	61.131	69.155	77.037
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	25.000
Net worth	83.576	91.600	124.482
Long Term borrowings	161.795	152.558	132.395
Short Term borrowings	366.408	270.497	309.015
Total borrowings	528.203	423.055	441.410
Debt/Equity ratio	6.320	4.619	3.546

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
Total Income	1,366.999	1,404.070	1,482.335
		2.712	5.574

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	1,366.999	1,404.070	1,482.335
Profit	7.102	8.090	9.397
	0.52%	0.58%	0.63%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Million

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of long term debt	3.533	5.128	NA
Total	3.533	5.128	NA

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	Yes
15]	Capital in the business	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Intercorporate Borrowings	78.090	103.945
Deposits from shareholders	48.931	42.682
From Directors	4.643	2.643
Total	131.664	149.270

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10525997	29/09/2014	30,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C29742657
2	10325236	17/12/2014 *	495,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C37789963
3	10311423	01/11/2014 *	475,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C35969872

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.