MIRA INFORM REPORT

Report No. :	352615
Report Date :	03.12.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM PAINTS AND CONTRACTS PRIVATE LIMITED
Registered Office :	C-1-106, Lajpat Nagar, New Delhi - 110024
Tel. No:	91-1129816587/ 791/ 8345/ 2376
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	31.03.2008
Com. Reg. No.:	55-176105
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74120DL2008PTC176105
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELS38996G
PAN No.: [Permanent Account No.]	AAMCS5530J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Textured Wall Coatings (Confirmed by Management)
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an engaged company incorporated in the year 2008. It has satisfactory track. The rating takes into consideration sound financial risk profile of the company marked significant increase in the sales revenue base along with healthy cash accruals from its operations in FY 15. However, the rating constraints on account of minimal networth base of the company along with low profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Virendra Sharma
Designation :	Manager
Contact No.:	91-11-29816587
Date :	01.12.2015

LOCATIONS

Registered Office :	C-1-106, Lajpat Nagar, New Delhi – 110024, India
Tel. No.:	91-11-29816587/ 791/ 8345/ 2376
Mobile No.:	91-9810025944 (Mr. Inderjit Arora)
Fax No.:	91-11-29814322
E-Mail :	sppl@vsnl.com
Area :	900 Sq. Ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 29.09.2014

Name :

Mrs. Prerna Arora

Designation :

Director

Address :

C-1-106,, Lajpat Nagar, New Delhi - 110024, India

Date of Birth/Age :

15.12.1977

Date of Appointment :

31.03.2008

DIN No.:

02107333

Name :

Mr. Inderjit Arora

Designation :

Director

Address :

C-106, Lajpat Nagar-1, New Delhi - 110024, India

Date of Birth/Age :

12.11.1947

Date of Appointment :

31.03.2008

DIN No.:

01150335

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	Company/ LLP Status	Defaulting status
1	U74999DL1987PLC027638	SPECTRUM PAINTS LIMITED	Director	17/04/1987	17/04/1987	Active	NO
2	U80302RJ2005PTC021451	TULIP EDUCATION PRIVATE LIMITED	Director	13/10/2005	13/10/2005	Active	NO
3	U74200DL2008PTC176071	SPECTRUM INSTITUTE OF INTERIOR DESIGN PRIVATE LIMITED	Director	28/03/2008	28/03/2008	Active	NO
4	U74120DL2008PTC176105	SPECTRUM PAINTS & CONTRACTS PRIVATE LIMITED	Director	31/03/2008	31/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Virendra Sharma
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Prerna Arora	5000
Inderjit Arora	5000
Total	10000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Textured Wall Coatings (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Textured wall Coatings
Countries :	· Nepal · Ghana
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

Reference:	Oberoi Hotel and Resorts.
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Defence Colony, New Delhi – 110024, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Auditors :
Name :	Surinder Kumar Chopra Chartered Accountants
Address :	16/82-C, Lane No 3, Joshi Road, Karol Bagh, New Delhi – 110005, India
Income-tax PAN of auditor or auditor's firm :	ADDPC8850E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.593	0.482	0.334
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.693	0.582	0.434
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.610	2.942	2.110
(b) Trade payables	25.360	11.581	3.866
(c) Other current liabilities	0.388	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	26.358	14.523	5.976
TOTAL	27.051	15.105	6.410
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.325	0.407	0.488
(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	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-Current Assets	0.325	0.407	0.488
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.938	1.917	5.751
(c) Trade receivables	20.335	11.489	0.125
(d) Cash and cash equivalents	2.041	0.850	0.022
(e) Short-term loans and advances	0.005	0.427	0.005
(f) Other current assets	3.407	0.015	0.019
Total Current Assets	26.726	14.698	5.922
TOTAL	27.051	15.105	6.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Revenue from Operations	71.337	52.038
		Other Income	0.015	0.000
		TOTAL (A)	71.352	52.038
Less	EXPENSES
		Purchases of Stock-in-Trade	57.462	40.323
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.979	3.834
		Employees benefits expense	6.428	4.580
		Other expenses	6.118	3.017
		TOTAL (B)	70.987	51.754
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.365	0.284
Less	FINANCIAL EXPENSES (D)		0.000	0.115
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.365	0.169
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.057	0.048
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.308	0.121
Less	TAX (H)		0.133	0.002
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.175	0.119
	Earnings Per Share (Rs.)		17.50	119.90

Expected Sales (2015-2016): Rs. 90.000 Million

The above information has been parted by Mr. Virendra Sharma (Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.25	0.23	NA
Operating Profit Margin (PBDIT/Sales)	(%)	0.51	0.55	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.14	0.80	NA
Return on Investment (ROI) (PBT/Networth)		0.44	0.21	NA
Debt Equity Ratio (Total Debt/Networth)		0.88	5.05	4.86
Current Ratio (Current Asset/Current Liability)		1.01	1.01	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.334	0.482	0.593
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.434	0.582	0.693
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	2.110	2.942	0.610
Total borrowings	2.110	2.942	0.610
Debt/Equity ratio	4.862	5.055	0.880

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	52.038	71.337
		37.086

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	52.038	71.337
Profit	0.119	0.175
	0.23%	0.25%

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	Yes
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	Yes
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	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
29	Profitability for last two years	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: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.610	2.942
Total	0.610	2.942

OPERATIONS

During the year ended on 31^st March, 2015 the company has earned profit of Rs. 0.308. The profit and loss account of the company for the year ended on 31^st March, 2015 shown a net profit after tax of Rs. 0.175 Million (before income tax)

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.66.62
UK Pound	1	Rs.100.34
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--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	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		41

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.