MIRA INFORM REPORT

Report No. :	322603.2
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM EXIM PRIVATE LIMITED
Registered Office :	5013-14,World Trade Center, Near Udhna Darwaja, Ring Road, Surat - 395002 Gujarat
Tel. No.:	91-261-2337600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.2007
Com. Reg. No.:	04-050109
Capital Investment / Paid-up Capital :	Rs. 7.500 Million
CIN No.: [Company Identification No.]	U52599GJ2007PTC050109
TAN No.: [Tax Deduction & Collection Account No.]	SRTS06907F
PAN No.: [Permanent Account No.]	AAKCS5963M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading, Importing and Supplying of embroidery machine, Cording Device embroidery machine, Long stitch machine etc.
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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. Trade relations are fair Business is active. Payment terms are reported as 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 – 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

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 (GENERA L DETILS)

Name :	Mr. Naval
Designation :	Accounts Department
Contact No.:	91-261-2337600
Date :	14.05.2015

LOCATIONS

Registered Office :	5013-14,World Trade Center, Near Udhna Darwaja,Ring Road, Surat - 395002 Gujarat, India
Tel. No.:	91-261-2337600
Mobile No.:	91-9898204000 (Mr. Piyush)
Fax No.:	Not Available
E-Mail :	spectrumexim@gmail.com spectrum_overseas@hotmail.com

DIRECTORS

As on 09.07.2014

Name :

Mr. Anil Mathuradas Chopra

Designation :

Managing Director

Address :

8/C, Ratan Sagar Apt., Opp-Chandni Chowk, Piplod, Surat – 395007, Gujarat, India

Date of Birth/Age :

06.04.1969

Date of Appointment :

30.06.2012

DIN No.:

00966048

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	U21029GJ2003PTC043127	SHREE SAI PAPERPACK PRIVATE LIMITED	Director	29/10/2003	29/10/2003	-	Active	NO
2	U17110GJ2005PTC045382	KAY TEE LON IMPEX PPRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
3	U17303GJ2006PTC049187	NAKSHATRA CREATIONS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	24/12/2009	Active	NO
4	U52599GJ2007PTC050109	SPECTRUM EXIM PRIVATE LIMITED	Managing director	30/06/2012	27/02/2007	-	Active	NO
5	U17120GJ2009PTC056888	SHYAMA SHYAM TRENDZ PRIVATE LIMITED	Managing director	02/12/2013	16/08/2010	-	Active	NO
6	U26941GJ2013PTC074991	FUTURE ECO CRETE PRIVATE LIMITED	Director	10/05/2013	10/05/2013	-	Active	NO
7	AAA-8215	SENORITAA INTERNATIONAL LLP	Designated Partner	02/03/2012	02/03/2012	-	Active	NO

Name :

Mr. Piyush Shyamlal Khurana

Designation :

Managing Director

Address :

502, Takshshila Apartment, Opp. Umabhavan, Bhatar Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

11.08.1983

Date of Appointment :

30.06.2012

DIN No.:

00964624

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	U17110GJ2005PTC045382	KAY TEE LON IMPEX PPRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
2	U52599GJ2007PTC050109	SPECTRUM EXIM PRIVATE LIMITED	Managing director	30/06/2012	27/02/2007	-	Active	NO
3	U17119GJ1993PTC020053	SHANTIPRAKASH DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	20/02/2015	20/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naval
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.07.2014

Names of Shareholders	No. of Shares
Anil Chopra	262500
Piyush Khurana	13000
Amit Khurana	60000
Kishan Khurana	42400
Madanlal Khurana- HUF	6500
Nandlal Khurana- HUF	13800
Neeraj Khurana	5500
Raj Khurana	64300
Saneesh Khurana	8000
Shyam Lal Khurana	70000
Vinod Khurana	25000
Vinod Khurana -HUF	34500
Sarita Jain	8500
Sunita Arora	11800
Pawan Arora	10000
Amrit Gehlot	8300
Sonal Jariwala	8400
Dayaprakash Khurana	64500
Manish Khurana	33000
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 09.07.2014

Category	Percentage
Directors or relatives of Directors	96.64
Other top fifty shareholders	3.36
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading, Importing and Supplying of embroidery machine, Cording Device embroidery machine, Long stitch machine etc.
Products :	Embroidery machine Cording Device embroidery machine Long stitch machine
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

3 (Approximately) )

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapti Bapat Marg, Lower Parel, (West), Mumbai – 400013, Maharashtra, India

• Oriental Bank of Commerce, Jash Texitile Mrket, Ring Road, Surat – 395002, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand	9.259	0.000
Total	9.259	0.000

Auditors :
Name :	PKMG And Company Chartered Accountants
Address :	4021, World Trade Center, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2302334/3912334
Fax No.:	91-261-3912333
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFP8989K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 09.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs.10/- each	Rs. 8.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs.10/- each	Rs. 7.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	7.500	7.500	7.500
(b) Reserves & Surplus	13.884	12.218	11.311
(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)	21.384	19.718	18.811
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	5.975	5.200
(b) Deferred tax liabilities (Net)	0.096	0.114	0.131
(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)	0.096	6.089	5.331
(4) Current Liabilities
(a) Short term borrowings	9.259	0.000	34.209
(b) Trade payables	14.247	20.168	24.966
(c) Other current liabilities	5.591	13.655	18.567
(d) Short-term provisions	0.078	0.113	1.002
Total Current Liabilities (4)	29.175	33.936	78.744
TOTAL	50.655	59.743	102.886
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.525	0.545	0.702
(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	0.277	0.276	0.275
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.470	0.127	1.297
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.272	0.948	2.274
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.027	16.351	32.659
(c) Trade receivables	29.437	24.910	29.705
(d) Cash and cash equivalents	1.211	6.610	28.873
(e) Short-term loans and advances	1.708	10.924	9.366
(f) Other current assets	0.000	0.000	0.009
Total Current Assets	46.383	58.795	100.612
TOTAL	50.655	59.743	102.886

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	364.072	216.848	391.412
	Other Income	2.135	2.606	1.198
	TOTAL	366.207	219.454	392.610
Less	EXPENSES	363.585	218.201	389.384
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.622	1.253	3.226
Less/ Add	DEPRECIATION/ AMORTISATION	0.192	0.208	0.263
	PROFIT/ (LOSS) BEFORE TAX	2.430	1.045	2.963
Less	TAX	0.764	0.138	0.927
	PROFIT/ (LOSS) AFTER TAX	1.666	0.907	2.036
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	12.218	11.311	9.275
	Balance Carried to the B/S	13.884	12.218	11.311
	IMPORTS	NA	176.795	313.427
	Earnings / (Loss) Per Share (Rs.)	2.22	1.21	2.71

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.591	13.655	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.46	0.42	0.52
Return on Total Assets (PBT/Total Assets}	(%)	4.82	1.76	2.89
Return on Investment (ROI) (PBT/Net worth)		0.11	0.05	0.16
Debt Equity Ratio (Total Debt /Net worth)		0.69	1.00	2.09
Current Ratio (Current Asset/Current Liability)		1.59	1.73	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.500	7.500	7.500
Reserves & Surplus	11.311	12.218	13.884
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18.811	19.718	21.384
long-term borrowings	5.200	5.975	0.000
Short term borrowings	34.209	0.000	9.259
Current Maturities of Long-Term Debts	0.000	13.655	5.591
Total borrowings	39.409	19.630	14.850
Debt/Equity ratio	2.095	0.996	0.694

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	391.412	216.848	364.072
		(44.599)	67.893

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	391.412	216.848	364.072
Profit	2.036	0.907	1.666
	0.52%	0.42%	0.46%

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 1-476, Ground Floor, GIDC, Pandesara, Surat – 394221, Gujarat, India to the present address w.e.f. 28.07.2011

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Shareholders and Relatives	0.000	5.975
Total	0.000	5.975

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

The turnover of the Company has increased by approx. 67% as compared to previous year. The Company has achieved commendable turnover of Rs. 364.072 Million as against Rs. 216.848 Million of previous year. The Company has earned reasonable net profit after tax of 1.666 Million during the year. The management clearly outlined initiatives such as efficient management, timely and prudence decision making, better marketing and business promotion, future planning for expansion, monitoring changing market trends to negotiate the current challenges and come out with better returns.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10468932	02/01/2014	15,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B93017309
2	10162472	21/05/2009	1,000,000.00	AXIS BANK	1st FLOOR, DIGVIJAY TOWER, OPP. ST. XAVIERZ SCHOOL, GHOD DOD ROAD, SURAT, Gujarat - 395001, INDIA	A62526074

FIXED ASSETS

• Office Equipment
• LG LCD
• Computer Equipment
• Computer
• 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 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	Rs.63.70
UK Pound	1	Rs.98.90
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUB
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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.