MIRA INFORM REPORT

Report No. :	508389
Report Date :	19.05.2018

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
Tel. No.:	91-22-25005773/ 25003378
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.06.2003
Com. Reg. No.:	11-140936
Capital Investment / Paid-up Capital :	INR 0.200 Million
CIN No.: [Company Identification No.]	U51410MH2003PTC140936
IEC No.: [Import-Export Code No.]	0305067532
GSTN : [Goods & Service Tax Registration No.]	27AAHCS3815R1ZP
TIN No.:	27700540726
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCS3815R
Legal Form :	Private Limited Liability Company
Line of Business :	· Trading of Filling Machine. [Registered Activity] · Subject carry on the business of Marketing and Dealing of various kinds of Liquid Filling Machine, Import/ Export of Liquid Filling Equipments, Tool, Hardware, Software Development for Marketing. [As per Memorandum of Association]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 205400
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2003. It is engaged in dealing in various kinds of Liquid Filling Machine and importer and exporter of Liquid Filing Equipments. For the financial year 2017, the revenue of the company has decreased by 47.55% but has managed to maintain decent profit margin of 10.91%. The rating takes into consideration the satisfactory financial profile of the company marked by comfortable networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has favourable Earning per Share (EPS) of INR 3016.24 against a face value (FV) of INR 100. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: The correct name of the company is “Spheretech Packaging India Private Limited”.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 19.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Ms. Samira
Designation :	Accounts Department
Contact No.:	91-22-25005773
Date :	14.05.2018

Given number [08079448086] is continuously busy

LOCATIONS

Registered Office :	101/102, Swastik Disa Corporate Park, Opposite Shreyas Cinema, L B S Marg, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-25005773/ 25003378
Fax No.:	91-22-25003378
E-Mail :	span_mkt@vsnl.net span_mkt@rediffmail.com sales@spheretech.biz
Website :	www.spheretech.in
Branch Office :	20 Harichand Mill Compound, LBS Marg,, Vikhroli (W), Mumbai, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :

Eusebius Anthony Dcruz

Designation :

Director

Address :

A-10, Goodwill Mension Near Best Bus Stand, Vikhroli (East), Mumbai-400083, Maharashtra, India

Date of Appointment :

25.03.2015

DIN No.:

00471898

Name :

Mr. Mohan Velji Bhadra

Designation :

Director

Address :

A-51,Jalaram Ashish Hsg Soc, 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 Narayan Vishwanathan

Designation :

Director

Address :

32,Chhadva Apartmant,Sion-Trombay Road, Cembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

01.01.1950

Date of Appointment :

17.06.2003

DIN No.:

00896948

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U29290MH2000NPL127775	INSTITUTE OF PACKAGING MACHINERY MANUFACTURERS OF INDIA	26/09/2014

KEY EXECUTIVES

Name :	Ms. Samira
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 29.09.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Mohan Velji Bhadra	650	32.50
Krishnan Narayan Vishwanathan	650	32.50
Darara Manohar Kumar	350	17.50
Dcruz Anthony Eusebius	350	17.50
Total	2000	100.00

AS ON: 29.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Trading of Filling Machine. [Registered Activity]

· Subject carry on the business of Marketing and Dealing of various kinds of Liquid Filling Machine, Import/ Export of Liquid Filling Equipments, Tool, Hardware, Software Development for Marketing. [As per Memorandum of Association]

Products/ Services :

ITC Code No.	Product Descriptions
99622890	Other machinery and equipment n.e.c.
99859620	Commission

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

· Thane Bharat Sahakri Bank Limited

Suffire Archade, Behind Sonal-Sejal Jewellers,, M. G. Road, Ghatkopar (E), Mumbai - 400077, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Bank
Term Loan from HDFC Bank (against Hypothecation of Motor Car @ 12.25% interest)	0.812	0.000
SHORT TERM BORROWINGS
Loans repayable on demand
From banks
Overdraft facility from State Bank of India (against pledge of Fixed Deposits Receipts @ 11% interest)	0.000	3.886
Total	0.812	3.886

Auditors :
Name :	S.V. Shetty and Associates Chartered Accountants
Address :	D-217, Neelkhanth Business Park, Vidhyavihar West, Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-25133704
Fax No.:	91-22-25133802
E-Mail :	svshetty@vsnl.com
PAN No.:	AAAFS4744F
Memberships :	Not Available
Collaborators :	Not Available
Enterprises associated with Key personnel :	· Packworld FZC · Felix Solutions

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	INR 100/- each	INR 0.200 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.200	0.200	0.200
(b) Reserves & Surplus	71.717	65.894	55.125
(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)	71.917	66.094	55.325
(3) Non-Current Liabilities
(a) Long-term borrowings	0.812	0.000	0.343
(b) Deferred tax liabilities (Net)	0.303	0.331	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)	1.115	0.331	0.343
(4) Current Liabilities
(a) Short term borrowings	0.000	3.886	3.560
(b) Trade payables	11.657	15.184	13.449
(c) Other current liabilities	13.149	4.140	8.347
(d) Short-term provisions	3.028	6.122	6.765
Total Current Liabilities (4)	27.834	29.332	32.121
TOTAL	100.866	95.757	87.789
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.512	2.681	2.928
(ii) Intangible Assets	0.071	0.003	0.005
(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	20.848	17.676	13.385
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.496	20.425	16.383
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.432	2.837	1.879
(c) Trade receivables	36.876	31.288	26.457
(d) Cash and cash equivalents	31.843	32.085	29.209
(e) Short-term loans and advances	6.219	9.122	13.861
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	76.370	75.332	71.406
TOTAL	100.866	95.757	87.789

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	55.258	105.365	98.824
		Other Income	4.627	3.327	2.968
		TOTAL	59.885	108.692	101.792
Less	EXPENSES
		Purchases of Stock-in-Trade	29.392	64.123	54.885
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.406	-0.958	1.024
		Employees benefits expense	7.626	9.164	10.256
		Other expenses	11.803	18.410	16.340
		Exceptional Items (Prior Period)	(0.024)	0.019	0.000
		TOTAL	50.203	90.758	82.505
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9.682	17.934	19.287
Less	FINANCIAL EXPENSES		0.169	0.326	0.029
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.513	17.608	19.258
Less/ Add	DEPRECIATION/ AMORTISATION		0.680	0.521	0.826
	PROFIT/ (LOSS) BEFORE TAX		8.833	17.087	18.432
Less	TAX		2.801	5.910	6.260
	PROFIT/ (LOSS) AFTER TAX		6.032	11.177	12.172
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	41.235	90.229	83.588
	TOTAL EARNINGS		41.235	90.229	83.588
	IMPORTS
		CIF Value of imported goods Accessories	0.000	0.525	0.000
	TOTAL IMPORTS		0.000	0.525	0.000
	Earnings/ (Loss) Per Share (INR)		3016.24	5588.45	6086.21

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Current Maturities on Term Loan From HDFC bank	0.187	0.000	NA
Cash generated from/ (used in) operations	8.690	11.168	(2.076)
Net Cash flow from Operating Activities	5.903	5.287	(8.361)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	243.58	108.39	97.72
Account Receivables Turnover (Income / Sundry Debtors)	1.50	3.37	3.74
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	144.76	86.43	89.44
Inventory Turnover (Operating Income / Inventories)	6.76	6.32	10.26
Asset Turnover (Operating Income / Net Fixed Assets)	2.70	6.68	6.58

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.29	0.31	0.37
Debt Equity Ratio (Total Liability / Networth)	0.01	0.06	0.07
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.39	0.44	0.58
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.05	0.04	0.05
Interest Coverage Ratio (PBIT / Financial Charges)	57.29	55.01	665.07

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	10.92	10.61	12.32
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.98	11.67	13.87
Return on Investment (ROI) ((PAT / Networth) * 100)	%	8.39	16.91	22.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.74	2.57	2.22
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.69	2.47	2.16
G-Score Ratio Financial (Networth / Total Assets)	0.71	0.69	0.63
G-Score Ratio Debt (Debts / Equity Capital)	5.00	19.43	19.52
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.74	2.57	2.22

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.200	0.200	0.200
Reserves & Surplus	55.125	65.894	71.717
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	55.325	66.094	71.917
long-term borrowings	0.343	0.000	0.812
Short term borrowings	3.560	3.886	0.000
Total borrowings	3.903	3.886	0.812
Debt/Equity ratio	0.071	0.059	0.011

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	98.824	105.365	55.258
		6.619	-47.556

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	98.824	105.365	55.258
Profit	12.172	11.177	6.032
	12.32%	10.61%	10.92%

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	No
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	A49133424	10126556	THANE BHARAT SAHAKRI BANK LTD	08/10/2008	-	-	500000.0	SUFFIRE ARCHADE, BEHIND SONAL-SEJAL JEWELLERS,M. G. ROAD, GHATKOPAR (E)MumbaiMH400077IN
2	A49133796	10126557	THANE BHARAT SAHAKRI BANK LTD	08/10/2008	-	-	4800000.0	SUFFIRE ARCHADE, BEHIND SONAL-SEJAL JEWELLERS,M. G. ROAD, GHATKOPAR (E)MumbaiMH400077IN
3	B87816526	10058469	THANE BHARAT SAHAKRI BANK LTD	20/06/2007	-	01/10/2013	2090000.0	SUFFIRE ARCHADE, BEHIND SONAL-SEJAL JEWELLERS,M. G. ROAD, GHATKOPAR (E)MumbaiMH400077IN

FIXED ASSETS:

Tangible Assets

• Office Premises
• Furniture and Fixture
• Motor Car
• Computer
• Software
• Printer
• Scanner
• Air Condition
• Office Equipment
• Refrigerator
• Fax Machine
• Mobile 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 records 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	INR
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.28

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	VAR
Report Prepared by :	IND

SCORE FACTORS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.