MIRA INFORM REPORT

Report Date :

30.04.2011

IDENTIFICATION DETAILS

Name :	SIRCOLOR WOOD COATINGS PRIVATE LIMITED
Formerly Known As :	UNIQUE COATINGS, MUMBAI
Registered Office :	JD - 62 D, Pitampura, New Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.01.2006
Com. Reg. No.:	55-145092
CIN No.: [Company Identification No.]	U24219DL2006PTC145092
TAN No.: [Tax Deduction & Collection Account No.]	DELS3380E
PAN No.: [Permanent Account No.]	AAKCS5389M
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of all types of Wood Coatings, Wall Coatings and all Other Types of Coating, Resins, Chemicals, Formulation.

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

Maximum Credit Limit :	USD 84000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. K V Partasrathy
Designation :	Chief Executive Officer
Contact No.:	91-9840086569
Date :	28.04.2011

LOCATIONS

Registered Office :	JD - 62 D, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-45038680/ 45038681/ 47023983
Mobile No.:	91-9810259122 (Mr. Sanjay Agarwal) 91-9840086569 (Mr. K V Partasrathy)
Fax No.:	91-11-45038681
E-Mail :	bajrangroc@zapak.com khatuwalaraman@yahoo.com uniquecoatings@gmail.com sircolor@vsnl.net
Web Site:	www.sircolor.co.in
Location :	Owned
Head Office :	E-10, Mangol Puri Industrial Area, Phase – II, New Delhi – 110 083, India
Tel. No.:	91-11-45038680/ 45038681
E-Mail :	uniquecoatings@gmail.com
Location :	Rented
Branch Office 1 :	2/ 377, Mugalivakkam Road, Manapakkam, Chennai – 600 116, Tamilnadu, India
Branch Office 2 :	Unit No.18, D Wing, Ground Floor, Solaris 1, Opposite L and T Gate No.6, Saki Vihar, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-32538870

DIRECTORS

(AS ON 29.09.2009)

Name :	Mr. Sanjay Agarwal
Designation :	Managing Director
Address :	JD - 62 D, Pitampura, New Delhi – 110 034, India
Date of Birth/Age :	05.02.1960
Qualification :	CA
Date of Appointment :	01.04.2007
Name :	Mr. Apoorv Agarwal
Designation :	Whole Time Director
Address :	JD – 62 D, Pitampura, New Delhi – 110 034, India
Date of Birth/Age :	18.07.1987
Qualification :	MBA
Date of Appointment :	19.01.2006
Name :	Mr. Gurjit Singh Bains
Designation :	Director
Address :	VIA Luigi Boccheri Mestre, 40, Milan Overseas, Italy 999999
Date of Birth/Age :	28.05.1967
Qualification :	B. Com.
Date of Appointment :	19.01.2006

KEY EXECUTIVES

Name :	Mr. K V Partasrathy
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2009)

Names of Shareholders	No. of Shares
Sanjay Agarwal	48102
Apoorv Agarwal	3000
Gurjit Singh Bains	20955
BGB Italia SRL	27943
Total	100000

Equity share breakup (percentage of total equity)

(AS ON 29.09.2009)

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

BUSINESS DETAILS

Line of Business :	Importer and Exporter of all types of Wood Coatings, Wall Coatings and all Other Types of Coating, Resins, Chemicals, Formulation.
Imports :
Products :	Wood Coatings
Countries :	Italy
Terms :
Selling :	Credit [30-60 days]
Purchasing :	Credit [30-60 days]

GENERAL INFORMATION

Customers :

• Wholesaler
• Retailers

No. of Employees :

30 Approximately

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· ICICI Bank Limited

· Bank of India

· HDFC Bank, Pitampura Branch, New Delhi

Facilities :

CC Rs. 7.500 Millions [From HDFC Bank, Pitampura Branch]

Secured Loans	As on 31.03.2009 Rs. in millions	As on 31.03.2009 Rs. in millions
Auto Loan (ICICI Bank Limited secured by hypothecation of motor car)	NA	0.259
Cash Credit Limit	NA	3.692
Bank of India (Secured by the hypothecation of book debts, stock and other current assets)
Total	NA	3.951

Unsecured Loans	As on 31.03.2009 Rs. in millions	As on 31.03.2009 Rs. in millions
From Financial Institutions	NA	2.578
From Directors and Their Relatives	NA	0.407
Total	NA	2.985

Banking Relations :	--
Auditors :
Name :	Khatuwala Associates Chartered Accountants
Address :	13L, Gopala Tower, 25, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-25827375
Mobile No.:	91-9891463326
Fax No.:	91-11-41536621
E-Mail :	khatuwalaraman@yahoo.com

CAPITAL STRUCTURE

AS On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	65.000

Expected Sales (2011-2012) : Rs. 70.000 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	0.943
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.878	14.135	10.882
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.878	15.135	11.825
LOAN FUNDS
1] Secured Loans		5.219	3.951	3.478
2] Unsecured Loans		8.577	2.985	4.423
TOTAL BORROWING		13.796	6.936	7.901
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34.674	22.071	19.726
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.648	2.681	0.601
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.133	0.138	0.134
DEFERREX TAX ASSETS		0.010	0.009	0.007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.460	11.143	12.826
	Sundry Debtors	46.801	31.497	15.959
	Cash & Bank Balances	2.505	1.959	4.124
	Other Current Assets	9.921	2.188	1.639
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		70.687	46.787	34.548
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	36.942	25.666	14.187
	Provisions	2.862	1.878	1.377
Total Current Liabilities		39.804	27.544	15.564
Net Current Assets		30.883	19.243	18.984
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.674	22.071	19.726

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	178.644	128.782	55.994
		Other Income		0.022	0.136
		TOTAL	178.644	128.804	56.130
Less	EXPENSES
		Purchases	123.737	83.381	43.887
		Direct Expenses	29.435	26.209	12.914
		Administrative, Selling and General Expenses	15.617	11.034	7.472
		Increase/(Decrease) in Stocks	(0.316)	1.682	(12.826)
		TOTAL	168.473	122.306	51.447
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.171	6.498	4.683
Less	FINANCIAL EXPENSES		1.549	1.114	0.712
	PROFIT BEFORE TAX		8.622	5.384	3.971
Less	TAX		2.862	1.883	1.370
	PROFIT AFTER TAX		5.760	3.501	2.601
	IMPORTS
		Finished Goods	NA	775289 Euro 88260.50 $	298492 Euro 141861.41 $
	Earnings Per Share (Rs.)		57.6	35.01	27.59

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.22	2.72	4.63
Net Profit Margin (PBT/Sales)	(%)	--	4.18	7.09
Return on Total Assets (PBT/Total Assets}	(%)	11.60	10.88	11.30
Return on Investment (ROI) (PBT/Networth)		0.41	0.36	0.34
Debt Equity Ratio (Total Liability/Networth)		2.57	2.28	1.98
Current Ratio (Current Asset/Current Liability)		1.78	1.70	2.22

LOCAL AGENCY FURTHER INFORMATION

NOTE

“UNIQUE COATINGS” has been started in 2005 it was proprietorship and name of the proprietor is Mr. Sanjay Agarwal in 2006 it take over by “SIRCOLOR WOOD COATINGS PRIVATE LIMITED” but activities started in 2007.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24219DL2006PTC145092
Name of the company	SIRCOLOR WOOD COATINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	JD - 62 D, Pitampura, New Delhi – 110 034, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	27.02.2008
Amount secured by the charge	Rs.4.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Interest at the rate as may be communicated by the Bank from time to time. · Terms of repayment On Demand · Margin Company shall at times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the Bank. · Extent and operation of the charge Hypothecation by way of first charge on company’s stocks, book debts, etc. to secure as a continuing security.
Short particulars of the property charged	Hypothecation by way first charge on · All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise, fixed assets and whatsoever being movable properties. · All present and future book debts.

FIXED ASSETS

· Car

· Computer

· Cycle

· Furniture and Fixture

· Plasma TV

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	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.73.88
Euro	1	Rs.65.83

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
--PROFITABILIRY	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
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

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.