MIRA INFORM REPORT

Report No. :	506713
Report Date :	04.05.2018

IDENTIFICATION DETAILS

Name :	SIGMA ELECTRIC MANUFACTURING CORPORATION PRIVATE LIMITED [w.e.f. 13.03.2018]
Formerly Known As :	SIGMA ELECTRIC MANUFACTURING PRIVATE LIMITED [w.e.f.31.01.2017] SUNK ROCK METAL FOUNDRIES INDIA PRIVATE LIMITED
Registered Office :	Gate No. 154/1, Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra
Tel. No.:	91-2135-307100
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.08.2016
Com. Reg. No.:	11-165939
Capital Investment / Paid-up Capital :	INR 219.900 Million
CIN No.: [Company Identification No.]	U74999PN2016PTC165939
IEC No.: [Import-Export Code No.]	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	27670336800
GSTN : [Goods & Service Tax Registration No.]	27AAXCS4352F1ZW
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAXCS4352F
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer and Supplier of Electrical Conduit Fitting, weather Proof box, Conner, Lamp Holders, Lighting Fixture, Lock net and electric Wire Accessories and Exporter of Finished Goods. [Confirmed by Management] · Manufacturer of Electric Wiring Accessories. [Registered Activity]
No. of Employees :	550 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Sigma Electric Manufacturing Corporation Private limited got amalgamated with “Sunk Rock Metal Foundaries Limited” in October 2016 and later the name of the amalgamated company was changed to “Sigma Electric Manufacturing Private limited” in January 2017. Further, in March 2018 the company’s name was changed to “Sigma Electric Manufacturing Corporation Private limited”. Mr. Shambhaji Rao (HR Manager) provided the above information about the subject. For the financial year 2017, the company achieved decent revenue from its operations but has reported a low profit margin of 0.01%. The satisfactory financial profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile due to unsecured debt recorded in the books. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade 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

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 04.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Shambhaji Rao
Designation :	HR Manager
Contact No.:	91-2135-307173
Date :	02.05.2018

LOCATIONS

Registered Office Factory 1 :	Gate No. 154/1, Mahalunge Village, Post Chakan, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-307100
Fax No.:	Not Available
E-Mail :	kacharya@sigmaelectric.com jobs@sigmaelectric.com
Website :	http://www.sigmaelectric.com
Factory 2 :	A-134, V.K.I. Area,  Jaipur - 302013, Rajasthan, India
Tel. No.:	91-141-3064900
Factory 3 :	Plot A-2, MIDC Chakan Industrial Area, Mahalunge Village, Chakan, Pune-410501, Maharashtra, India
Factory 4 :	Plot B 27, MIDC Chakan Industrial Area, Mahalunge Village, Chakan, Pune-410501, Maharashtra, India
Headquarters/ Warehouse/ Tech Center :	120 Sigma Drive Garner, NC 27529, USA
Tel. No.:	91-919-7730011

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Samir Purushottam Inamdar
Designation :	Director
Address :	G-19, Epsilon Yemlur Main Road, Bangalore - 560037, Gujarat, India
Date of Appointment :	06.10.2017
DIN No.:	00481968
Name :	Mr. Viren Ajit Joshi
Designation :	Director
Address :	Odyssey 2, Flat No - 2201, 22nd Floor, Hiranandani Gardens, Powai Mumbai -400076, Maharashtra, India
Date of Appointment :	23.09.207
DIN No.:	01331107
Name :	Mr. Kirankumar Yashvantrai Acharya
Designation :	Director
Address :	02, Swikar Tenament, Near Tulip Bunglow Thaltej, Ahmedabad - 380054, Gujarat, India
Date of Appointment :	20.12.2017
DIN No.:	02738580
Name :	Mr. Niteen Ganesh Inamdar
Designation :	Director
Address :	43/35, Vrindavan, Sahyadri,Soc, Pune 411001, Maharashtra, India
Date of Appointment :	23.09.2017
DIN No.:	03058146
Name :	Mr. Charles Joseph Burns
Designation :	Director
Address :	241 E, Apt 1B 46 TH Street New York 100172965 US
Date of Appointment :	17.08.2016
DIN No.:	07590353
Name :	Mr. Joseph Gerard Del Toro
Designation :	Director
Address :	78 Paulding Drive Chappaqua New York 10514 US
Date of Appointment :	17.08.2018
DIN No.:	07590354
Name :	Tariq Abdalla Mohamed Osman
Designation :	Director
Address :	158 W 81 St 64 New York 100245957 US
Date of Appointment :	06.10.2017
DIN No.:	07750283
Name :	Joyce Demonteverde Schnoedl
Designation :	Director
Address :	64 Deer Crest Pl Danville California 945066028 US
Date of Appointment :	06.10.2017
DIN No.:	07764149
Name :	Heather Lynne Faust
Designation :	Additional Director
Address :	12 Coleman Ave East Chatham NJ 07928 US
Date of Appointment :	06.10.2017
DIN No.:	07772569
Name :	William Thompson Tolley
Designation :	Director
Address :	54 Britiani Rd Southbury Connecticut 064884651 US
Date of Appointment :	06.10.2017
DIN No.:	07778057
Name :	Mr. Thomas Kerr Armstrong Jr
Designation :	Director
Address :	4908 Westbriar Dr. Fort Worth Texas 761093127 US
Date of Appointment :	06.10.2017
DIN No.:	07779239

KEY EXECUTIVES

Name :	Mr. Kirankumar Yashvantrai Acharya
Designation :	Company Secretary
Address :	02, Swikar Tenament, Near Tulip Bunglow Thaltej, Ahmedabad - 380054, Gujarat, India
Date of Appointment :	06.10.2017
PAN No.:	AAJPA2208B
Name :	Mr. Shambhaji Rao
Designation :	HR Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares
Sunak Rock Mauritius Acquisition Company	21986031
Sunk Rock Mauritius Finance Company	29
Total	21986060

AS ON: 20.12.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturer and Supplier of Electrical Conduit Fitting, weather Proof box, Conner, Lamp Holders, Lighting Fixture, Lock net and electric Wire Accessories and Exporter of Finished Goods. [Confirmed by Management]

· Manufacturer of Electric Wiring Accessories. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
74199990	Others
85479020	Electrcl Conduit Tubing & Joints Therfr, Of Base Mtl Lined With Insltng Matrl
76090000	Aluminium Tube Or Pipe Fittings
73071900	Other Cast Fittings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

USA

Imports :

Not Divulged

Terms :

Selling :

Advance Payment, Cheque and Credit [30/ 60 Days]

Purchasing :

Advance Payment, Cheque and Credit [30/ 60 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

550 [Approximately]

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmark Building, Race Course Circle, Alkapuri, Vadodara - 390007, Gujarat, India
Person Name (with Designation):	--
Contact Number:	91-22-67574314
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Continuously ringing

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	7th Floor, Tower A, Wing 1, Business Day, Airport Road, Yerwada, Pune-410006, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFFP3698A
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns :	· Sigma Electrical Holding · Sigma Electric Corporation (USA)

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
37000000	Equity Shares	INR 10/- each	INR 370.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21986060	Equity Shares	INR 10/- each	INR 219.861 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017 (8 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	219.900
(b) Reserves & Surplus	3448.000
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3667.900
(3) Non-Current Liabilities
(a) Long-term borrowings	4072.800
(b) Deferred tax liabilities (Net)	298.400
(c) Other long term liabilities	4.600
(d) long-term provisions	80.300
Total Non-current Liabilities (3)	4456.100
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1349.000
(c) Other current liabilities	555.700
(d) Short-term provisions	32.300
Total Current Liabilities (4)	1937.000
TOTAL	10061.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4351.700
(ii) Intangible Assets	18.800
(iii) Capital work-in-progress	377.700
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	589.200
Total Non-Current Assets	5337.400
(2) Current assets
(a) Current investments	0.000
(b) Inventories	918.200
(c) Trade receivables	3254.400
(d) Cash and cash equivalents	150.000
(e) Short-term loans and advances	21.200
(f) Other current assets	379.800
Total Current Assets	4723.600
TOTAL	10061.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017 (8 Months)
	SALES
		Revenue from Operations	3651.100
		Other Income	24.000
		TOTAL	3675.100
Less	EXPENSES
		Cost of Materials Consumed	2410.100
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(335.700)
		Employees benefits expense	421.900
		Other expenses	769.700
		TOTAL	3266.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		409.100
Less	FINANCIAL EXPENSES		215.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		194.000
Less/ Add	DEPRECIATION/ AMORTISATION		239.100
	PROFIT BEFORE TAX		(45.100)
Less	TAX		(45.500)
	PROFIT AFTER TAX		0.400
	Earnings Per Share (INR)		0.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017 (8 Months)
Current Maturities of Long term debt	NA
Net cash flows from (used in) operations	187.100
Net cash flows from (used in) operating activities	197.100

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017 (8 Months)
Average Collection Days (Sundry Debtors / Income * 365 Days)	325.34
Account Receivables Turnover (Income / Sundry Debtors)	1.12
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	204.30
Inventory Turnover (Operating Income / Inventories)	0.45
Asset Turnover (Operating Income / Net Fixed Assets)	0.09

LEVERAGE RATIOS

PARTICULARS	31.03.2017 (8 Months)
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.60
Debt Equity Ratio (Total Liability / Networth)	1.11
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.53
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.29
Interest Coverage Ratio (PBIT / Financial Charges)	1.90

PROFITABILITY RATIOS

PARTICULARS		31.03.2017 (8 Months)
Net Profit Margin ((PAT / Sales) * 100)	%	0.01
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.01

SOLVENCY RATIOS

PARTICULARS	31.03.2017 (8 Months)
Current Ratio (Current Assets / Current Liabilities)	2.44
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.96
G-Score Ratio Financial (Networth / Total Assets)	0.36
G-Score Ratio Debt (Debts / Equity Capital)	18.52
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.44

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	No
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
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)	Yes
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	Yes
22	Conduct of the banking account	Yes
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 one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year	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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	A42954230	10115544	IDBI BANK LIMITED	02/07/2008	-	-	65000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
2	G86098613	10018049	ICICI BANK LIMITED	31/08/2006	03/04/2018	-	1250000000.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
3	Y10173652	90088631	I.C.I.C.I. BANK LTD.	26/06/2003	22/09/2003	-	810000000.0	WING SHNAGRILA GARDENS BANDGARDEN ROADPUNEMH411001IN
4	Y10171464	90086443	I.C.I.C.I. BANK LTD.	26/06/2003	-	-	810000000.0	A WING SHANGRILA GARDENBUND GARDEN ROADPUNEMH411001IN
5	Y10176279	90091258	I.C.I.C.I. BANK LTD.	08/05/2000	23/03/2001	-	335000000.0	PUNE BRANCH SHANGRILA GARDENS BUNDGARDEN ROADPUNEMH411001IN
6	Y10156321	90073801	IDBI BANK LIMITED	24/09/1998	04/08/2000	-	41500000.0	SARAF HOUSEM.I. ROADJAIPURRJ302001IN
7	Y10157398	90074878	IDBI BANK LIMITED	24/09/1998	30/03/1999	-	41500000.0	SARAF HOUSEM.I. ROADJAIPURRJ302001IN
8	Y10169868	90084847	I.C.I.C.I. BANK LTD.	15/06/1998	06/10/1999	-	23000000.0	PUNE BRANCHBUND GARDEN ROADPUNEMH411001IN
9	Y10175638	90090617	I.C.I.C.I. BANK LTD.	15/01/1998	24/11/1998	-	23000000.0	WING SHNAGRILA GARDENS BANDGARDEN ROADPUNEMH411001IN
10	Y10169783	90084762	I.C.I.C.I. BANK LTD.	15/01/1998	06/10/1999	-	23000000.0	PUNE BRANCHBUND GARDEN ROADPUNEMH411001IN
11	Y10156225	90073705	UNION BANK OF INDIA	25/05/1996	-	-	4500000.0	S.D.M.H.JAIPURRJIN
12	Y10154996	90072476	UNION BANK OF INDIA	07/05/1991	01/12/1994	-	250000.0	S.D.M.H. BRANCHJAIPURRJIN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million) (8 Months)
LONG-TERM BORROWINGS
Rupee term loans from banks	4072.800
Total	4072.800

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	INR
US Dollar	1	INR 66.61
UK Pound	1	INR 90.60
Euro	1	INR 79.86

INFORMATION DETAILS

Information Gathered by :	SRY
Analysis Done by :	PRY
Report Prepared by :	ARC

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.