MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	SPARK PLASTOMECH INDIA PRIVATE LIMITED

Registered Office :	S – 156, MIDC, Bhosari, Pune – 411026, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.04.2009

Com. Reg. No.:	11-133882

Capital Investment / Paid-up Capital :	Rs. 1.075 Million

CIN No.: [Company Identification No.]	U74900PN2009PTC133882

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	PNES28117F

PAN No.: [Permanent Account No.]	AAMCS9979H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Supplier of Plastic and Rubber dyes Moulds.

No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 31000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

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. Atul Chirme
Designation :	Director
Contact No.:	91-9372447770
Date :	06.12.2014

LOCATIONS

Registered Office / Factory :	S – 156, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-30785869/68/65/51
Mobile No.:	91-9372447770 (Mr. Atul Chirme)
Fax No.:	Not Available
E-Mail :	atulchirme@gmail.com sparkplastomeah@gmail.com ang@angca.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Atul Madhavrao Chirme

Designation :

Director

Address :

481, Parvati Darshan, Swanand Building No.1, Flat No. 3, Near Shiv Darshan Chowk, Pune – 411009, Maharashtra, India

Date of Birth/Age :

09.05.1968

Date of Appointment :

30.04.2009

DIN No.:

01631026

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25200PN2007PTC130501	SPARK TILOPLAST PRIVATE LIMITED	Director	27/07/2007	27/07/2007	-	Strike off	NO
2	U29299PN2007PTC129425	KAMROCK TECHNOLOGY PRIVATE LIMITED	Additional director	22/11/2007	22/11/2007	-	Strike off	NO
3	U74900PN2009PTC133882	SPARK PLASTOMECH INDIA PRIVATE LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO

Name :

Mr. Madhav Govind Chirme

Designation :

Director

Address :

481, Parvati Darshan, Swanand Building No.1, Flat No. 3, Near Shiv Darshan Chowk, Pune – 411009, Maharashtra, India

Date of Birth/Age :

08.19.1935

Date of Appointment :

30.04.2009

DIN No.:

01906721

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25200PN2007PTC130501	SPARK TILOPLAST PRIVATE LIMITED	Additional director	26/12/2007	26/12/2007	-	Strike off	NO
2	U74900PN2009PTC133882	SPARK PLASTOMECH INDIA PRIVATE LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders		No. of Shares
Atul Madhav Chirme		45714
Madhav Govind Chirme		46428
Kundan Madhav Chirme		5143
Shilpa Atul Chirme		5143
Suvarna Amil Dindorkar		5143
Manci Atul Chirme		2
Total		107573

As on: 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Plastic and Rubber dyes Moulds.

Products :	Open cooler panels Plastic compression moulding Bakelite components Plastic moulding dies Plastic injection mold Dip moulded pvc sleeves

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Machinery
Countries :	China Taiwan Malaysia

Terms :
Selling :	Cash and Credit (30 Days)

Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Company Name :	Subham Sales
Name of the Person :	Mr. Prasad Jahothia (Proprietor)
Contact No.:	91-9960820347
Since How Long Known :	4 Years
Experience :	Payment Behavior = Good Market Goodwill = Good Overall =Good
Maximum Limit Dealt :	Rs 8.000 Millions Yearly
Remark :	They gave us positive response about the subject company and they are satisfied with their payment behavior.

Customers :

Wholesalers, Retailers and End Users

Reference :	Varroc Engineering
Name of the Person :	Mr. Deepak Acharya (Purchase Manager)
Contact No.:	91-9673001213/9673779944
Since How Long Known :	6 Years
Experience :	Product Quality = Excellent Delivery Behavior = Excellent Overall = Excellent
Maximum Limit Dealt :	Rs. 80.000 Millions Yearly
Remark :	They gave us positive response about the subject company and they are satisfied with their product quality and delivery behavior.

No. of Employees :

45 (Approximately)

Bankers :

Pune Peoples Co Operative Bank, Laxmi Road Branch, Pune – 411030, Maharashtra, India

Banker Name	Axis Bank
Branch Address	Corporate Branch, Pune – 411007, Maharashtra, India
Person Name (With Designation)	Mr. Atul Agarwal (Credit Manager)
Contact Number	91-9923701997
Name of Account Holder	Spark Plastomech India Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2010
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs. 22.500 Millions
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about the subject company and they are satisfied with their banking transaction.

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
From Banks	5.758	4.981
From Other Parties	0.391	2.739

SHORT TERM BORROWING
Loans repayable on demand
From Bank	21.294	19.542

Total	27.443	27.262

Auditors :
Name :	A. N. Gawade and Company Chartered Accountant
Address :	1, Shree Shailya Apartment, Lane No. 14, Prabhatroad, Pune – 411004, Maharashtra, India
PAN No. :	AEXPG5160J

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

150000	Equity Shares	Rs.10/- each	Rs. 1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

107573	Equity Shares	Rs.10/- each	Rs. 1.075 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	1.075	1.075	1.075
(b) Reserves & Surplus	9.861	9.256	8.186
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.449
Total Shareholders’ Funds (1) + (2)	10.936	10.331	9.710

(3) Non-Current Liabilities
(a) long-term borrowings	9.049	10.920	12.637
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.086	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.135	10.920	12.637

(4) Current Liabilities
(a) Short term borrowings	21.295	19.542	15.002
(b) Trade payables	16.815	17.676	9.614
(c) Other current liabilities	4.959	2.713	4.232
(d) Short-term provisions	1.293	1.153	1.836
Total Current Liabilities (4)	44.362	41.084	30.684

TOTAL	68.433	62.335	53.031

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.747	16.923	18.187
(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	0.001	0.001	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.650	1.683	0.000
Total Non-Current Assets	23.398	18.607	18.237

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.547	24.966	14.879
(c) Trade receivables	16.321	16.953	14.396
(d) Cash and cash equivalents	2.470	0.851	2.967
(e) Short-term loans and advances	0.000	0.000	1.804
(f) Other current assets	0.697	0.958	0.748
Total Current Assets	45.035	43.728	34.794

TOTAL	68.433	62.335	53.031

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	62.229	61.896	48.060
	Other Income
	TOTAL

Less	EXPENSES	61.341	60.236	46.409

	PROFIT/ (LOSS) BEFORE TAX	0.888	1.660	1.651

Less	TAX (I)	0.283	0.590	0.531

	PROFIT/ (LOSS) AFTER TAX	0.605	1.070	1.120

	Earnings / (Loss) Per Share (Rs.)	5.62	9.95	10.41

Expected Sales (2014-15) : Rs. 90.000 Millions

The above information has been parted by Mr. Atul Chirme

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.97	1.73	2.33

Return on Total Assets (PBT/Total Assets}	(%)	1.30	2.66	3.12

Return on Investment (ROI) (PBT/Networth)		0.08	0.16	0.17

Debt Equity Ratio (Total Debt /Networth)		2.77	2.95	2.85

Current Ratio (Current Asset/Current Liability)		1.02	1.06	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.075	1.075	1.075
Reserves & Surplus	8.186	9.256	9.861
Share Application money pending allotment	0.449	0.000	0.000
Net worth	9.710	10.331	10.936

long-term borrowings	12.637	10.920	9.049
Short term borrowings	15.002	19.542	21.295
Total borrowings	27.639	30.462	30.344
Debt/Equity ratio	2.846	2.949	2.775

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	48.060	61.896	62.229
		28.789	0.538

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	48.060	61.896	62.229
Profit	1.120	1.070	0.605
	2.33%	1.73%	0.97%

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	No
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	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Madhav Chirme	2.900	3.200

Total	2.900	3.200

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375206	04/09/2012	1,729,000.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Appartments,, Paud Road, Kothrud, Pune, Maharashtra - 411038, INDIA	B57560757
2	10328775	18/02/2013 *	38,000,000.00	Axis Bank Limited	Corporate Banking Branch,214/215,City Mall, Ganeshkhind Road, Pune, Maharashtra - 411007, INDIA	B69678886
3	10283757	31/03/2011	1,879,000.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Appartments,, Paud Road, Kothrud, Pune, Maharashtra - 411038, INDIA	B11779337

* Date of charge modification

FIXED ASSETS

Computer
Cycle
Electrical
Furniture
Tools
Machinery
Mobile
Motor Car
Office Equipment
Printer
Vehicle

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.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RSM

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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