MIRA INFORM REPORT

Report No. :	507496.2
Report Date :	17.05.2018

IDENTIFICATION DETAILS

Name :	SUMAN ELECTRICALS
Registered Office :	No. 86, Shop No. 16, Moti Complex, 1st Floor, Govindappa Naicken Street, Sow Carpet, Chennai-600001, Tamilnadu
Tel No.:	91-44-42164410
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	Not Divulged
Capital Investment :	INR 4.023 Million
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TIN No.:	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Not Divulged
Line of Business :	Dealer of Ceiling Fan, Exhaust Fan, Copper Cable, Wire, Switch, etc. [From Indirect Sources]
No. of Employees :	02 [Approximately] [As per site visit]

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

Maximum Credit Limit :	USD 11400 [INR 772207.50]
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Mr. Devi Kothari (Designation Not Divulged) has denied to provide any information about the subject to us. As per information gathered from other sources, it is a proprietorship concern and a dealer of ceiling fan, exhaust fan, copper cable, wire, switch, etc. For the financial year 2017, the concern achieved revenue growth of 81.90% as compared to the previous year along with an average profit7 margin of 1.14%. The satisfactory financial profile of the concern is marked by improving net worth along with negligible debt balance sheet profile due to unsecured debt recorded in books. Payment seems to be slow but correct. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the address which you have provided. Our executive has successfully traced the subject on the given address. At the premises, our executive met Mr. R. K. Kothari (Manager) who confirmed subject’s existence on the given address. Our executive also enquired with neighbour companies (Estro Agencies and Shavanchand Bhaboot Mall) and they confirmed that the subject is situated on the given address. As per executive’s observation, it is a 2 storey building and subject is situated on 1st floor. Area of premises seems to be 300 sq. ft. and number of employees sighted at the premises were 2. Locality seems to be commercial and area appears to be neutral. Location was easy to find but we have not sighted subject’s name board.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

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 17.05.2018.

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 DECLINED BY

Name :	Mr. Devi Kothari
Designation :	Not Divulged
Contact No.:	91-9884164388
Date :	16.05.2018

LOCATIONS

Registered Office :	No. 86, Shop No. 16, Moti Complex, 1st Floor, Govindappa Naicken Street, Sow Carpet, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-42164410
Mobile No.:	91-9884164388/ 9884238002 [Mr. Devi Kothari]
Fax No.:	Not Available
Area :	300 Sq. Ft. [As per site visit]
Locality :	Commercial [As per site visit]

SOLE PROPRIETOR/PARTNERS

NOT DIVULGED

BUSINESS DETAILS

Line of Business :	Dealer of Ceiling Fan, Exhaust Fan, Copper Cable, Wire, Switch, etc. [From Indirect Sources]
Products/ Services :	· Ceiling Fan · Exhaust Fan · Copper Cable · Wire, etc
Brand Names :	Not Available
Agencies Held :	Luminous
Exports :	Not Divulged
Imports :	Not Divulged
Terms : [From Indirect Sources]
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

02 [Approximately] [As per site visit]

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	--
Contact Number:	--
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:	--

Auditors :
Name :	Shabbir and Associates Chartered Accountants
Address :	Chennai, Tamilnadu, India
M No. :	217421
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2017

Capital Investment :
Owned :	INR 4.023 Million
Borrowed :	---
Total :	INR 4.023 Million

FINANCIAL ANALYSIS

[all figures are in INR Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2017	31.03.2016
SHAREHOLDERS FUNDS
1] Capital Account			4.023	3.443
2] Reserves & Surplus			0.000	0.000
NETWORTH			4.023	3.443
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING			8.541	6.308
DEFERRED TAX LIABILITIES			0.000	0.000
TOTAL			12.564	9.751
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			2.562	2.514
Capital work-in-progress			0.000	0.000
INVESTMENT			0.204	0.153
DEFERREX TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		0.479	1.870
	Sundry Debtors		22.001	15.904
	Cash & Bank Balances		0.796	0.926
	Other Current Assets		0.000	0.000
	Loans & Advances		0.431	0.290
Total Current Assets			23.707	18.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		13.862	11.559
	Other Current Liabilities		0.047	0.347
	Provisions		0.000	0.000
Total Current Liabilities			13.909	11.906
Net Current Assets			9.798	7.084
MISCELLANEOUS EXPENSES			0.000	0.000
TOTAL			12.564	9.751

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Sales	75.092	41.281
		Other Income	4.519	1.286
		TOTAL	79.611	42.567
Less	EXPENSES
		Cost of Goods Sold	75.873	40.229
		Conveyance	0.059	0.042
		Audit Fees	0.025	0.020
		Bonus	0.062	0.015
		Business Promotion	0.029	0.020
		Delivery Charge (Sales)	0.007	0.000
		Electricity Bill	0.020	0.012
		Printing and Stationery	0.027	0.018
		Professional Charges	0.041	0.000
		Rate and Tax	(0.006)	0.000
		Repairs and Maintenance	0.018	0.008
		Salary A/C	1.052	0.650
		Shop Expenses	0.052	0.032
		Shop Rent A/C	0.138	0.130
		Telephone Charges	0.066	0.038
		Travelling Expenses	0.057	0.000
		Vehicle Service	0.017	0.012
		TOTAL	77.537	41.226
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2.074	1.341
Less	FINANCIAL EXPENSES		1.163	0.726
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.911	0.615
Less/ Add	DEPRECIATION/ AMORTISATION		0.058	0.055
	NET PROFIT/ (LOSS)		0.853	0.560

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	106.94	140.62
Account Receivables Turnover (Income / Sundry Debtors)	3.41	2.60
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	66.69	104.88
Inventory Turnover (Operating Income / Inventories)	4.33	0.72
Asset Turnover (Operating Income / Net Fixed Assets)	0.81	0.53

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.85	0.84
Debt Equity Ratio (Total Liability / Networth)	2.12	1.83
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.46	3.46
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.64	0.73
Interest Coverage Ratio (PBIT / Financial Charges)	1.78	1.85

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	1.14	1.36
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.22	2.59
Return on Investment (ROI) ((PAT / Networth) * 100)	%	21.20	16.26

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.70	1.59
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.67	1.44
G-Score Ratio Financial (Networth / Total Assets)	0.15	0.16
G-Score Ratio Debt (Debts / Equity Capital)	2.12	1.83
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.70	1.59

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017
	INR In Million	INR In Million
Capital Account	3.443	4.023
Reserves & Surplus	0.000	0.000
Net worth	3.443	4.023
Secured Loans
Unsecured Loans
Total borrowings	6.308	8.541
Debt/Equity ratio	1.832	2.123

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	41.281	75.092
		81.905

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	41.281	75.092
Profit	0.560	0.853
	1.36%	1.14%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	No
2	Constitution of the entity -Incorporation details	No
3	Locality of the entity	Yes
4	Premises details [As per site visit]	Yes
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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 [As per site visit]	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

OBSERVATION POINTS

Name of Company :	SUMAN ELECTRICALS
Address :	No. 86, Shop No. 16, Moti Complex, 1st Floor, Govindappa Naicken Street, Sow Carpet, Chennai-600001, Tamilnadu, India
Contact No.:	91-9884238002/ 9884164388
Person to whom we met:	Mr. R. K. Kothari (Manager)
Name Board :	Not Sighted
Location:	Easy
Landmark (If Any):	Opposite to State Bank
Total Floors of the Building :	2 Floors
Subject situated on:	1st Floor
Locality:	Commercial
Area of Premises :	300 Sq. Ft.
Area :	Neutral
No. of employees seen at premises:	02 [Approx.]
Visibility of Items:	· Telephone · Fax Machine · Computers · Air Conditioner · Office Equipment · Xerox Machine
Furniture Items Sighted :	Yes
Neighbours Interview :	Our executive also enquired with neighbour companies (Estro Agencies and Shavanchand Bhaboot Mall) and they confirmed that the subject is situated on the given address.
Proof of visit:	Photos

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	INR 67.83
UK Pound	1	INR 91.68
Euro	1	INR 80.29

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	PRY
Report Prepared by :	IND

SCORE FACTORS

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	NO
--LISTED	YES/NO	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.