MIRA INFORM REPORT

Report No. :	303733
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	SPHERETECH PACKAGING INDIA PRIVATE LIMITED
Registered Office :	101-102, Swastik Disa Corporate Park, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.06.2003
Com. Reg. No.:	11-140936
Capital Investment / Paid-up Capital :	Rs. 0.200 Million
CIN No.: [Company Identification No.]	U51410MH2003PTC140936
IEC No.:	Not Available
TIN No.:	27700540726
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHSC3815R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Induction Seals, Liquid Filler and Volumetric Liquid Filler.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. V. Krishnan
Designation :	Director
Contact No.:	91-9820125270
Date :	17.01.2015

LOCATIONS

Registered Office :	101-102, Swastik Disa Corporate Park, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-67969838/67969839/25005773
Mobile No.:	91-9820125270 (Mr. V. Krishnan)
Fax No.:	91-22-25003378/25771332
E-Mail :	span_mkt@rediffmail.com
Website :	www.spheretech.in

DIRECTORS

As on 22.09.2014

Name :	Mr. Mohan Velji Bhadra
Designation :	Director
Address :	A-51, Jalaram Ashish Housing Society, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	01.03.1972
Date of Appointment :	17.06.2003
DIN No.:	00896944
Name :	Mr. Krishnan Naryan Viswanathan
Designation :	Director
Address :	32, Chhadva Apartment, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	01.01.1950
Date of Appointment :	17.06.2003
DIN No.:	00896948

MAJOR SHAREHOLDERS

As on 22.09.2014

Names of Shareholders	No. of Shares
Mohan Velhi Bhadra	550
Krishnan Naryan Vishwanathan	550
Kumar Manohar Darara	350
Eusebius Anthony D’cruz	350
Nariman Sorabji Mehta	200
Total	2000

As on 22.09.2014

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 :	Manufacturing of Induction Seals, Liquid Filler and Volumetric Liquid Filler.
Products :	Induction Seals Liquid Filler Volumetric Liquid Fillers Rotary Filling Machine Automatic Screw Capping Machine Cap Sealer Liquid Fillers for Packaging Industry
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Induction seals Liquid filler
Countries :	European countries Middle east Asian Countries
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque, Credit and DD

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

• End Users, OEMs and Manufacturer

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

No. of Employees :

10 (Approximately)

Bankers :

• Axis Bank Limited

Banker Name	Thane Bharat Sahakari Bank Limited
Branch Address	Suffire Archade, Behind Sonal – Sejal Jewellers, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs. 4.800 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Thane Bharat Sahakari Bank Limited Against mortgage of Office premises, repayable in 84 monthly equated installments @14.50% interest)	0.000	0.088
Axis Bank (Against hypothecation of motor car repayable in 36 monthly equated installments @10.75% interest)	0.000	0.253
Total	0.000	0.341

Auditors :
Name :	S.V. Shetty and Associates Chartered Accountants
Address :	D-127, Neelkanth Business Park, Vidhyavihar West, Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25133704/67983647
Fax No.:	91-22-25133802
E-Mail :	svshetty@vsnl.com
PAN No.:	AAAFS4744F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs. 0.200 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	0.200	0.200	0.200
(b) Reserves & Surplus	43.524	30.619	23.277
(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)	43.724	30.819	23.477
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.341	0.999
(b) Deferred tax liabilities (Net)	0.448	0.447	0.478
(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)	0.448	0.788	1.477
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11.925	6.483	7.006
(c) Other current liabilities	30.177	10.015	15.094
(d) Short-term provisions	6.887	4.444	2.846
Total Current Liabilities (4)	48.989	20.942	24.946
TOTAL	93.161	52.549	49.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.752	4.124	4.917
(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	0.065	0.065	0.065
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.500	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.317	4.189	4.982
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.903	2.588	2.300
(c) Trade receivables	20.059	9.006	10.272
(d) Cash and cash equivalents	38.085	27.041	22.670
(e) Short-term loans and advances	20.797	9.725	9.676
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	81.844	48.360	44.918
TOTAL	93.161	52.549	49.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL FROM OPERATION	131.211	82.017	65.855
Less	EXPENSES TOTAL	111.418	69.853	56.645
	PROFIT/ (LOSS) BEFORE TAX	19.793	12.164	9.210
Less	TAX	7.828	6.039	2.900
	PROFIT/ (LOSS) AFTER TAX	11.965	6.125	6.310
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	29.402	23.277	17.020
Less	APPROPRIATIONS
	Tax on Dividend	0.000	0.000	0.053
	Total	0.000	0.000	0.053
	Balance Carried to the B/S (J+K+L-M)	41.367	29.402	23.277
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	113.256	62.694	52.849
	TOTAL EARNINGS	113.256	62.694	52.849
	CIF Value of Imported goods Accessories	0.227	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	5982.50	3062.50	NA

Expected Sales (2014-15) : Rs. 150.000 Millions

The above information has been parted by Mr. V. Krishnan

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	21.26	23.18	18.48
Return on Investment (ROI) (PBT/Networth)		0.45	0.39	0.39
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.04
Current Ratio (Current Asset/Current Liability)		1.67	2.31	1.80

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	0.200	0.200	0.200
Reserves & Surplus	23.277	30.619	43.524
Net worth	23.477	30.819	43.724
long-term borrowings	0.999	0.341	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.999	0.341	0.000
Debt/Equity ratio	0.043	0.011	0.000

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)
Total Income	65.855	82.017	131.211
		24.542	59.980

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	65.855	82.017	131.211
Profit	6.310	6.125	11.965
	9.58%	7.47%	9.12%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturity of term loan HDFC Bank	0.000	0.000	0.205
Current maturity of term loan Thane Bharat Sahakari Bank	0.000	0.493	0.493
Current maturity of term loan Axis Bank	0.253	0.275	0.247

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	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	No
18]	Major customers	No
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

Note:

Registered office of the company has been shifted from D-202 Kailash Esplanadeep Sheyas Cinema, L.B.S. Marg, Ghatkopar, Mumbai, India to the present address w.e.f.19.11.2007

OPERATIONS:

The company has earned a profit of Rs.19.793 Millions during the current financial year, compared to Rs.12.164 Millions earned during the previous year. The business of the company shows a growth of 59.98% compared to previous year and the Net Profit shows a increase of 62.72 % compared to previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10126556	08/10/2008	500,000.00	THANE BHARAT SAHAKRI BANK LIMITED	SUFFIRE ARCHADE, BEHIND SONAL-SEJAL JEWELLERS,, M. G. ROAD, GHATKOPAR (E), Mumbai, Maharashtra - 400077, INDIA	A49133424
2	10126557	08/10/2008	4,800,000.00	THANE BHARAT SAHAKRI BANK LIMITED	SUFFIRE ARCHADE, BEHIND SONAL-SEJAL JEWELLERS,, M. G. ROAD, GHATKOPAR (E), Mumbai, Maharashtra - 400077, INDIA	A49133796

* Date of charge modification

FIXED ASSETS

• Office Premises
• Furniture and Fixture
• Motor Car
• Computer
• Software
• Printer
• Scanner
• Air Condition
• Office Equipment
• Refrigerator
• Fax Machine
• Motor Instrument

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	PRA
Analysis Done by :	KAR
Report Prepared by :	ART

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	5
--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		45

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.