MIRA INFORM REPORT

Report No. :	349104
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM FILTRATION PRIVATE LIMITED

Registered Office :	Mercantile Building, 2^nd Floor, Block A, 9A Lal Bazar Street, Kolkata – 700001, West Bengal
Tel. No.:	91-33-40126000

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	13.03.1997

Com. Reg. No.:	21-083350

Capital Investment / Paid-up Capital :	Rs.15.531 Million

CIN No.: [Company Identification No.]	U29197WB1997PTC083350

IEC No.:	0297009931

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCS5127J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Intake Air Filters and filtration systems.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 283000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Spectrum Filtration Private Limited was incorporated in 1997. It is a manufacturer and supplier of intake air filters and filtration system and its manufacturing facilities are located in Noida, Kolkata, Bangalore and Daman. Company has a technical tie-up with “Filtrair B.V.”, Netherlands for the manufacture of high quality intake-air filter. Rating takes consideration on company’s healthy financial risk profile, supported by decent capital structure, low gearing and adequate liquidity along with above average debt protection metrics. Rating further takes into account the company’s diversified revenue profile enhancing its scale of operations and maintaining sound profitability margin over the years. This rating strength is partially offset on company’s exposure to raw material price volatility, large working capital requirements and fluctuation in foreign exchange rates. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. In view of aforesaid, the company can be considered normal 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.

HENKEL’s Rating :

350 (Significant risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
B	450	(80% of Gross Annualised Sales/365)*Credit Term.	Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 :	Ms. Shikha Chowdhary
Designation :	Company Secretary
Contact No.:	91-33-40126000
Date :	16.11.2015

LOCATIONS

Registered Office :	Mercantile Building, 2^nd Floor, Block A, 9A Lal Bazar Street Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40126000
Fax No.:	91-8100025874 (Mr. Vishal)
E-Mail :	info@spectraco.in smd.roc@gmail.com
Website :	www.spectraco.in
Location :	Rented
Locality :	Commercial

Factory 1 :	Jalan Industrial Complex, NH-6, Bombay Road, Domjur, Howrah – 711411, West Bengal, India

Factory 2 :	A-54, Sector-63, 1^st Floor, Noida – 201301, Uttar Pradesh, India

Factory 3 :	320/3, 1^st FI, Siddappa Reddy Industrial Estate, Near ING Vysya Bank, Bommannahalli, Bangalore – 560068, Karnataka, India

Factory 4 :	Sr. No. 51/1, 1^st Floor, Daman Industrial Estate, Village Kadaiya, Nani Daman – 396210, Union Territory of India

Sales and Service Office/ Branch Office :	Located At Bangalore Chennai Daman Delhi – NCR Pantnagar Pune Vadodara Hyderabad Ahmedabad

DIRECTORS

As on 30.09.2014

Name :

Mr. Vinay Bothra

Designation :

Director

Address :

Sapphire, Flat No 7A, 13/2, Ballygunge Park Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

04.07.1967

Date of Appointment :

13.03.1997

DIN No.:

00437315

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	U29197WB1997PTC083350	SPECTRUM FILTRATION PRIVATE LIMITED	Director	13/03/1997	13/03/1997	-	Active	NO
2	U34300WB1997PTC084888	SPECTRUM AUTOMOTIVE PRIVATE LIMITED	Director	15/07/1997	15/07/1997	-	Active	NO
3	U45400WB2007PTC116759	VESTA HOUSING PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
4	U70101WB2007PTC117762	VESTA PROJECTS PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
5	U70101WB2007PTC117761	AERON DEVELOPMENT PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
6	U51909WB2009PTC133523	VESTA DEVELOPMENT PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
7	U29253WB2010PTC144946	FILTRAIR ASIA PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Active	NO
8	U74930WB2009PTC132962	HILAND SAPPHIRE MAINTENANCE COMPANY PRIVATE LIMITED	Director	28/06/2010	28/06/2010	28/07/2015	Active	NO
9	U74900WB1995PTC068610	SPECTRUM INVESTMENTS PRIVATE LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
10	U51909WB2011PTC158727	VESTA TRADELINKS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
11	U51109WB2007PTC117660	SUNRAJ COMTRADE PRIVATE LIMITED	Director	19/06/2013	19/06/2013	-	Active	NO
12	AAD-8926	VIBOT ONLINE LLP	Designated Partner	08/05/2015	08/05/2015	-	Active	NO

Name :

Surya Kanta Bothra

Designation :

Director

Address :

3B, Little Russel Street, Kolkata - 700071, West Bengal, India

Date of Birth/Age :

24.12.1947

Date of Appointment :

10.11.1997

DIN No.:

00470463

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	U29197WB1997PTC083350	SPECTRUM FILTRATION PRIVATE LIMITED	Director	10/11/1997	10/11/1997	-	Active	NO
2	U74900WB1995PTC068610	SPECTRUM INVESTMENTS PRIVATE LIMITED	Director	17/05/2010	17/05/2010	-	Active	NO

Name :

Mrs. Manju Bothra

Designation :

Director

Address :

Floor-7, Flat No 7A, 13/2, Ballygunge Park Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

16.10.1971

Date of Appointment :

31.01.2011

DIN No.:

00436956

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	U34300WB1997PTC084888	SPECTRUM AUTOMOTIVE PRIVATE LIMITED	Director	15/07/1997	15/07/1997	-	Active	NO
2	U74900WB1995PTC068610	SPECTRUM INVESTMENTS PRIVATE LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
3	U29197WB1997PTC083350	SPECTRUM FILTRATION PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO
4	AAD-8926	VIBOT ONLINE LLP	Designated Partner	08/05/2015	08/05/2015	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shikha Chowdhary
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Vinay Bothra	193400	12.45
Suryakanta Bothra	300300	19.34
Manju Bothra	130000	8.37
Kunwar Lal Bothra	126600	8.15
Kunwar Lal Bothra (HUF)	176000	11.33
Vinay Bothra (HUF)	13000	0.84
Neel Bothra	90000	5.79
Namrata Bothra	114000	7.34
Spectrum Investments Private Limited, India	409800	26.39
Total	1553100	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	26.38
Directors or relatives of Directors	73.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Intake Air Filters and filtration systems.

Products / Services :	Pocket / Bag Filter ASHRAE Grade HEPA High Temperature Filter Pad and Pleated Filter Gas Phase / Chemical Specialty Filter Holding Systems On-site support / Services

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Bangladesh Nepal

Imports :
Products :	Raw Material
Countries :	China Germany

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Maruti Suzuki India Limited, Gurgaon, India
Name of the Person :	Mr. Amit Gupta (DGM Production)
Contact No.:	91-9999500519
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Declined to part any information.

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Filtrair B.V. Netherlands
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 :

150 (Approximately)

Bankers :

Banker Name	The Federal Bank Limited
Branch Address	R. N. Mukherjee Road, Kolkata - 700001, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	91-33-22434070 (Continuously Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Long term maturities of car loan from a bank	NA	0.374
SHORT TERM BORROWING
Loan repayable on demand from bank
Cash Credit	NA	44.553
Total	NA	44.972
Note: LONG TERM BORROWING Car loan Facility is from HDFC Bank Limited and is secured by Hypothecation of Motor Car against which loan facility has been sanctioned. The loan is repayable from 5^th October, 2013 over 36 months in equal monthly installments of Rs.0.022 Million. Rate of Interest for the Car Loan is fixed at 10.75% p.a. SHORT TERM BORROWING Cash Credit Facility from the Federal Bank Limited is secured by Hypothecation of stock and book debts, equitable mortgage of factory land and building. Hypothecation of plant and equipment, lien on LIC Polices of Directors and their Relatives and personal Guarantee of all Directors and one Relative of Directors. The drawing power of cash credit will be available against stocks with margins of 25% and against book debts with margin of 50%. The rate of interest in respect of the cash credit facility is base rate + 3.50% p.a.

Auditors :
Name :	Maheshwari and Associates Chartered Accountants
Address :	Kolkata, West Bengal, India
Membership No.:	055788

Memberships :	Not Available

Collaborators :	Not Available

Other Related Parties (As on 31.03.2014) :	Spectrum Automotive Private Limited, India Spectrum Investments Private Limited, India Filtrair Asia Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.15.531 Million

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

1553100	Equity Shares	Rs.10/- each	Rs.15.531 Million

FINANCIAL DATA

[all figures are in Rupees Million]

FINANCIAL DETAILS FILE ATTACHED

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	0.217	0.087
Cash generated from operations	NA	NA	NA
Net cash flows from operating activities	NA	NA	NA

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	15.531	15.531	15.531
Reserves & Surplus	76.716	80.829	83.501
Net worth	92.247	96.360	99.032

long-term borrowings	0.000	0.374	0.764
Short term borrowings	62.742	52.903	48.213
Total borrowings	62.742	53.277	48.977
Debt/Equity ratio	0.680	0.553	0.495

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	261.274	226.298	244.173
		(13.387)	7.899

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	261.274	226.298	244.173
Profit	2.831	5.021	3.607
	1.08%	2.22%	1.48%

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
From Related Parties	NA	5.350
From Bodies Corporate	NA	3.000
Total	NA	8.350

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10059212	12/03/2013 *	60,000,000.00	THE FEDERAL BANK LIMITED	R N MUKHERJEE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA - 700001, West Bengal, INDIA	B72166374

* Date of charge modification

FIXED ASSETS

Tangible Assets

Freehold Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Computer
Electrical Installations

Intangible Assets

Software

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.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KYP

Report Prepared by :	PNM

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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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