MIRA INFORM REPORT

Report No. :	321999
Report Date :	13.05.2015

IDENTIFICATION DETAILS

Name :	SUNBEAM APPLIANCES
Registered Office :	Gut No. 1304/2, Post: Yellur, Taluka: Walwa, Dist: Sangli, Near Sai International Hotel, Off Pune - Bangalore Highway, Sangli – 415411, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1984
Capital Investment :	Rs. 27.989 Million
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer, Exporter and Importer of Industrial Air Conditioner etc.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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 proprietorship concern having moderate track. Mr. Shripath Karve, the accounts manager provided information and claimed that the management has reported an acceptable revenue base during FY15. As per available information from indirect source i.e. SMERA ratings, the concern has reported a drastic decline in its profit margin during FY13. Further, the concern possesses modest scale of operations marked by low networth base along with potential increase in external borrowings as a result of proposed new manufacturing facility, which may add strain on its liquidity profile. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced and qualified management, the concern can be considered for business dealings with 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shripath Karve
Designation :	Accounts Manager
Contact No.:	91-9323487563
Date :	09.05.2015

LOCATIONS

Registered Office :	Gut No. 1304/2, Post: Yellur, Taluka: Walwa, Dist: Sangli, Near Sai International Hotel, Off Pune - Bangalore Highway, Sangli – 415411, Maharashtra, India
Tel. No.:	91- 234-2250000/ 1/ 2
Mobile No.:	91-9323487563 (Mr. Shripath Karve)
Fax No.:	91-22-25899583
E-Mail :	sunbeam5@vsnl.com sunbeam20@gmail.com subeamaccts@gmail.com
Website :	http://sunbeamcooling.com
Area :	25000 Sq. Ft.
Location :	Owned
Branch Office :	Row House - 37/38, Vasant Vihar Row House CHS, Pokharan Road. No. 2, Vasant Vihar, Thane (West), Thane – 400610, Maharashtra, India
Tel. No.:	91-22-21710738

SOLE PROPRIETOR

Name :	Mr. Sujit S. Samant
Designation :	Proprietor
Date of Birth/Age :	52 Years
Qualification :	B.E.

KEY EXECUTIVES

Name :	Mr. Shripath Karve
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Air Conditioner, etc.
Products :	· High Ambient AC up to 90°C · Panel Air Conditioners · HVAC for Shelter · Process Water Chillers · Oil Chillers · Air to Air Heat Exchangers · E Rooms/E House · Operator Cabins · Shelter · IP56 Electrical Panel
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Industrial Air Conditioner
Countries :	· UAE · Malaysia
Imports :
Products :	Spare Parts
Countries :	Spain
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference:	Emerson India Private Limited, Chakan
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Wholesalers and Retailers

Reference:	Bharat Fritz Werner Limited
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

65 (Approximately)

Bankers :

Bank Name:	Bank of Maharashtra
Branch:	SSI Branch, Thane, Maharashtra, India
Name of the Person (with Designation):	Mr. Trivedi (Branch Manager)
Contact Number:	91-22-25802276 91-8879600650
Name of Account Holder:	SUNBEAM APPLIANCES
Account Number:	20049385621
Account Since (Date/ Year of A/c Opening):	15 Years
Average Balance Maintained (Optional):	They utilize most of fund (Their Balance is Minimum Rs. 0.500 Million)
Credit Facilities Enjoyed (CC/OD/Term Loan):	Rs. 80.000 Million
Account Operation:	Satisfactory
Remarks: Its old account, transaction are healthy and no negative remarks.

Auditors :
Name :	D.A. Oak and Company Chartered Accountants
Address:	Sudha Sadan, Vishnu Nagar, B.P.D. Road, Naupada, Thane (West), Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25349902
Fax No.:	91-22-25393481
Memberships :	--
Collaborators :	--
Sister Concerns:	--

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 27.989 Million
Borrowed :	--
Total :	Rs. 27.989 Million

FINANCIAL DATA

[all figures are in Rupees Million]

Expected Sales (2014-2015): Rs. 130.000 Million

The above information has been parted by Mr. Shripath Karve (Accounts Manager).

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietors Capital		27.989	27.339	15.028
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.989	27.339	15.028
LOAN FUNDS
1] Secured Loans		46.724	26.839	24.925
2] Unsecured Loans		6.554	5.487	5.511
TOTAL BORROWING		53.278	32.326	30.436
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		81.267	59.665	45.464
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.647	18.489	14.675
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.216	0.149	0.096
CURRENT ASSETS, LOANS & ADVANCES
	Current Assets, Loans and Advances	52.981	61.808	56.947
	Deposits	1.587	1.761	2.040
Total Current Assets		54.568	63.569	58.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		18.164	22.542	28.294
Net Current Assets		36.404	41.027	30.693
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		81.267	59.665	45.464

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	97.896	126.803	139.079
		Other Income	3.360	3.479	8.421
		TOTAL (A)	101.256	130.282	147.500
Less	EXPENSES
		Cost of Production	66.435	91.953	101.682
		Selling and Adm. Expenses	23.655	20.251	19.914
		Sales Tax, Service Tax and CST Collected	4.809	7.080	8.206
		TOTAL (B)	94.899	119.284	129.802
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.357	10.998	17.698
Less	FINANCIAL EXPENSES (D)		3.762	4.286	4.528
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.595	6.712	13.170
Less	DEPRECIATION/ AMORTISATION (F)		1.882	2.182	2.520
	NET PROFIT/ (LOSS)		0.713	4.530	10.650

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.73	3.57	7.66
Operating Profit Margin (PBDIT/Sales)	(%)	6.49	8.67	12.73
Return on Total Assets (PBT/Total Assets}	(%)	0.72	5.52	14.46
Return on Investment (ROI) (PBT/Networth)		0.03	0.17	0.71
Debt Equity Ratio (Total Debt/Networth)		1.90	1.18	2.03
Current Ratio (Current Asset/Current Liability)		3.00	2.82	2.08

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)
Proprietors Capital	15.028	27.339	27.989
Profit and Loss Account	0.000	0.000	0.000
Net worth	15.028	27.339	27.989
Secured Loans	24.925	26.839	46.724
Unsecured Loans	5.511	5.487	6.554
Total borrowings	30.436	32.326	53.278
Debt/Equity ratio	2.025	1.182	1.904

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	139.079	126.803	97.896
		-8.827	-22.797

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	139.079	126.803	97.896
Profit	10.650	4.530	0.713
	7.66%	3.57%	0.73%

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	Yes
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	No
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	Yes
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	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	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 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.64.20
UK Pound	1	Rs.100.03
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.