MIRA INFORM REPORT

Report No. :	305098
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	SPECTRA INTERNATIONAL PRIVATE LIMITED (w.e.f.03.04.2011)
Formerly known as :	SANZI MANAGEMENT PRIVATE LIMITED
Registered Office :	Grandeur Building, 4^th Floor, Opposite Gundecha Symphony, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.12.2010
Com. Reg. No.:	11-211461
Capital Investment / Paid-up Capital :	Rs. 13.300 Millions
CIN No.: [Company Identification No.]	U74120MH2010PTC211461
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of exports and import of confectionery, stainless steel utensils, plastic items, other FMCG goods, machinery, spare parts and construction material, commission agent and management consultants.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 35000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. 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 – 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

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.

LOCATIONS

Registered Office :	Grandeur Building, 4^th Floor, Opposite Gundecha Symphony, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-61236123
Mobile No.:	91-9920555326 (Mr. Tashir – Manager) 91-8879774490 (Mrs. Pallavi Nadar)
Fax No.:	91-22-61236123
E-Mail :	ca@siplindia.co.in info@siplindia.co.in
Website :	www.slipindia.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nadir Dhorliya Umedali

Designation :

Director

Address :

A-106, 1^st Floor, Byculla Sevice Industries Sussex, Road Byculla (East), Mumbai – 400027, Maharashtra, India

Date of Birth/Age :

02.10.1975

Date of Appointment :

27.12.2010

DIN No.:

03303675

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	U74120MH2010PTC211461	SPECTRA INTERNATIONAL PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
2	U15511GA2007PTC005096	VINTAGE BOTTLERS PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO
3	U15122MH2011PTC217810	STERLING CONFECTIONERS PRIVATE LIMITED	Director	24/05/2011	24/05/2011	-	Active	NO
4	U45200GJ2011PTC065878	ALTAIR INFRASPACE PRIVATE LIMITED	Director	13/06/2011	13/06/2011	05/01/2012	Active	NO
5	L74999WB1984PLC038064	Lykis Limited	Director	10/03/2012	05/12/2011	-	Active	NO
6	U74120MH2012PTC230365	LYKIS MARKETING PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
7	U74900MH2012PTC230784	LYKIS PHARMA PRIVATE LIMITED	Director	09/05/2012	09/05/2012	-	Active	NO
8	U01403MH2014PTC255863	LYKIS AGRITECH PRIVATE LIMITED	Director	04/07/2014	04/07/2014	-	Active	NO
9	U15122MH2014PTC255981	LYKIS BISCUITS PRIVATE LIMITED	Director	10/07/2014	10/07/2014	-	Active	NO

Name :

Mrs. Kishamatben Nadir Dhorliya

Designation :

Director

Address :

116, Imamwada Road, Karimabad, Chs Building No. 1, 1^st Floor, Room No.19, Mumbai – 400009, Maharashtra, India

Date of Birth/Age :

01.06.1976

Date of Appointment :

30.09.2013

PAN No.:

02535858

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	U72200TG2009PTC062766	SAMRIN SERVICES PRIVATE LIMITED	Director	12/02/2009	12/02/2009	11/12/2012	Active	NO
2	U74120MH2010PTC211461	SPECTRA INTERNATIONAL PRIVATE LIMITED	Director	30/09/2013	01/10/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.01.2015

Names of Allottee	No. of shares Allotted
Nadir Dhroliya Umedali	1333986

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Mr. Nazim Charnia	871475
Mr. Nadir Dhorliya Umedali	458025
Mr. Samir Amirali Dhorliya	500
Total	1330000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of exports and import of confectionery, stainless steel utensils, plastic items, other FMCG goods, machinery, spare parts and construction material, commission agent and management consultants.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	African Countries
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

40 (Approximately)

Bankers :

ICICI Bank Limited, 72-73, Shining Star Apartments,, Off Shimpoli Naka, Road, Borivali (West), Mumbai, Maharashtra - 400092, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
From Banks: ICICI Bank PCFC loan	87.414	22.833
Total	87.414	22.833

Auditors :
Name :	A. N. Kothari and Company Chartered Accountants
Address :	216, Pioneer Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
PAN No.:	AACPK7191C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs. 10/- each	Rs. 28.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2663986	Equity Shares	Rs. 10/- each	Rs. 26.640 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs. 18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1330000	Equity Shares	Rs. 10/- each	Rs. 13.300 Millions

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	13.300	7.806	7.568
(b) Reserves & Surplus	110.822	63.203	57.097
€ Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	28.875	2.388
Total Shareholders’ Funds (1) + (2)	124.122	99.884	67.053
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.136	2.742
(b) Deferred tax liabilities (Net)	0.537	0.000	0.000
€ 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)	0.537	1.136	2.742
(4) Current Liabilities
(a) Short term borrowings	87.414	22.833	0.000
(b) Trade payables	135.486	209.409	0.143
€ Other current liabilities	1.406	4.154	0.109
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	224.306	236.396	0.252
TOTAL	348.965	337.416	70.047
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.276	62.898	63.246
(ii) Intangible Assets	0.208	0.006	0.017
(iii) Capital work-in-progress	21.406	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.100	14.000	2.805
€ Deferred tax assets (net)	0.000	0.820	0.000
(d) Long-term Loan and Advances	45.954	23.130	0.230
€ Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	158.944	100.854	66.298
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
€ Trade receivables	166.184	223.338	0.634
(d) Cash and cash equivalents	11.155	11.976	2.616
€ Short-term loans and advances	12.682	1.248	0.499
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	190.021	236.562	3.749
TOTAL	348.965	337.416	70.047

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	973.931	442.411	0.930
Less	EXPENSES
		TOTAL	969.093	435.570	9.108
	PROFIT/ (LOSS) BEFORE TAX		4.838	6.841	(8.178)
Less	TAX		0.519	2.883	(2.785)
	PROFIT/ (LOSS) AFTER TAX		4.319	3.958	(5.393)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	940.776	414.094	0.000
	TOTAL EARNINGS		940.776	414.094	0.000
	Earnings / (Loss) Per Share (Rs.)		3.25	2.98	(41.48)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.44	0.89	(579.89)
Return on Total Assets (PBT/Total Assets}	(%)	1.54	2.12	(12.16)
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	(0.12)
Debt Equity Ratio (Total Debt/Networth)		0.70	0.24	0.04
Current Ratio (Current Asset/Current Liability)		0.85	1.00	14.88

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	7.568	7.806	13.300
Reserves & Surplus	57.097	63.203	110.822
Net worth	64.665	71.009	124.122
long-term borrowings	2.742	1.136	0.000
Short term borrowings	0.000	22.833	87.414
Total borrowings	2.742	23.969	87.414
Debt/Equity ratio	0.042	0.338	0.704

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	0.930	442.411	973.931
		47,471.075	120.142

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	0.930	442.411	973.931
Profit	(5.393)	3.958	4.319
	(579.89%)	0.89%	0.44%

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter’s background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428369	14/05/2013 *	83,000,000.00	ICICI BANK LIMITED	72-73, Shining Star Apartments,, Off Shimpoli Naka, S V Road, Borivali (West), Mumbai, Maharashtra - 400092, INDIA	B76112150

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors	0.000	1.136
Total	0.000	1.136

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computers

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. 61.88
UK Pound	1	Rs. 93.27
Euro	1	Rs. 69.94

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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 maDturity	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.