MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	SOUJANYA COLOR PRIVATE LIMITED
Registered Office :	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400 613, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.06.2008
Com. Reg. No.:	04-183907
Capital Investment / Paid-up Capital :	Rs.30.100 millions
CIN No.: [Company Identification No.]	U24100MH2008PTC183907
TAN No.: [Tax Deduction & Collection Account No.]	PNES23573E
PAN No.: [Permanent Account No.]	AAMCS0859G
Legal Form :	Manufacturer of Paint Colorant (They do manufacturing for other paint manufacturing companies)
Line of Business :	Private Limited Liability Company
No. of Employees :	110 Approximately (Including contract Workers there are 140)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Soujanya Enterprises, a partnership concern. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual tarde 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.

INFORMATION PARTED BY

Name :	Mr. R S Swaminathan
Designation :	Senior Manager in Accounts and Finance
Contact No.:	91-9833675753
Date :	20.07.2011

LOCATIONS

Registered Office/Factory :	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400 613, Maharashtra, India
Tel. No.:	91-22-41711234
Mobile No.:	91-9833675753 (Mr. Swaminathan)
Fax No.:	91-22-41711209
E-Mail :	swaminathan@soujanya.com info@soujanya.com tisai105ajay@sify.com ranadecs@gmail.com
Website :	www.soujanya.com
Area :	12000 Sq. ft.
Location :	Leased

DIRECTORS

As on 30.09.2010

Name :	Mrs. Priyamvada Ashesh Bhumkar
Designation :	Director
Address :	Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India
Date of Birth :	02.07.1962
Date of Appointment :	24.06.2008
DIN No. :	00726138
Name :	Mrs. Asha Chidanand Bhumkar
Designation :	Director
Address :	Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India
Date of Birth :	21.07.1942
Date of Appointment :	24.06.2008
DIN No. :	01055858
Name :	Mr. Ashesh Chidanand Bhumkar
Designation :	Director
Address :	Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India
Date of Birth :	27.12.1961
Date of Appointment :	24.06.2008
DIN No. :	02203709
Name :	Mr. Jashan Ashesh Bhumkar
Designation :	Director
Address :	Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India
Date of Appointment :	15.04.2010
DIN No. :	03033461
Name :	Mr. Chidanand Jayram Bhumkar
Designation :	Managing Director
Address :	Vasant Vihar Complex, Row House No. 33/34, Pokhran Road No. 2, Majiwade, Thane – 400 601, Maharashtra, India
Date of Birth :	20.03.1935
Date of Appointment :	24.06.2008
Date of Ceasing :	02.09.2009
DIN No. :	00725875

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Chidanand Jayram Bhumkar	903000
Asha Chidanand Bhumkar	903000
Priyamvada Ashesh Bhumkar	602000
Ashesh Chidanand Bhumkar	150500
Soujanya Bhumkar	150500
Soujanya Enterprises Private Limited, India	150500
Saujesh Chemicals Private Limited, India	150500
Total	3010000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	10.00
Directors or relatives of directors	90.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Paint Colorant (They do manufacturing for other paint manufacturing companies)
Products :	· Smartint Universal Machine Dispensable Colorants · Tintol Universal Stainers · Hydratint Aqueous Pastes · I-Tint Universal Industrial Colorants · Timber Tint Wood Colorants
Brand Names :	Universal Stainers
Exports :
Products :	Paint Colorant
Countries :	· Dubai · Saudi Arabia · Bangladesh · Nepal
Imports :
Products :	Machinery
Countries :	Switzerland
Terms :
Selling :	Credit (30 days)
Purchasing :	L/C and Credit (30 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Licensed Capacity	Installed Capacity (KL)	Actual Production (Ltrs )
Colorants	NA	1800 (On the basis of single shift working and is as certified by the Management, being a technical matter)	1782378

GENERAL INFORMATION

Customers :

Paint Manufacturing Company

No. of Employees :

110 Approximately (Including contract Workers there are 140)

Bankers :

Union Bank of India

Kaprubavadi Branch, Dhan Laxmi Industrial Estate, Gokul Nagar, Old Agra Road, Thane (West), Thane – 400 601, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Banks
a) Cash Credit	31.054	6.435
b) Term Loans	206.207	55.546
Add: Interest Accrued And due on Term Loan	0.000	0.350
c) Vehicles Loans	1.384	0.827
Total	238.645	63.158

a) Cash Credit : Secured against stocks and book-debts.

b) Term Loan : Secured by Mortage of assets purchased under the term loan, hypothecation of specific assets and further guarantee of a director.

c) Vehicle Loan : Vehicle loan is secured by charge on vehicles purchased out of the said Loan.

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Director	88.875	86.000
From Others	51.090	45.767
Total	139.965	131.767

Banking Relations :

--

Auditors :

Name :

Dalal and Shah

Chartered Accountant

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3010000	Equity Shares	Rs.10/- each	Rs.30.100 millions

Note

3010000 equity shares of Rs.10 each were issued as fully paid up to partners of erstwhile partnership firm on conversion as per Part IX of companies act, 1956.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		30.100	30.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		21.671	5.201
4] (Accumulated Losses)		0.000	0.000
NETWORTH		51.771	35.301
LOAN FUNDS
1] Secured Loans		238.645	63.158
2] Unsecured Loans		139.965	131.767
TOTAL BORROWING		378.610	194.925
DEFERRED TAX LIABILITIES		5.293	0.160
TOTAL		435.674	230.386
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		284.321	76.464
Capital work-in-progress		84.988	83.491
INVESTMENT		1.460	1.340
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.944	30.857
	Sundry Debtors	84.742	57.294
	Cash & Bank Balances	15.405	15.795
	Other Current Assets	0.000	0.000
	Loans & Advances	31.940	5.327
Total Current Assets		180.031	109.273
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.987	32.681
	Other Current Liabilities	6.039	3.437
	Provisions	8.329	4.369
Total Current Liabilities		115.355	40.487
Net Current Assets		64.676	68.786
MISCELLANEOUS EXPENSES		0.229	0.305
TOTAL		435.674	230.386

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	390.872	171.511
		Other Income
		TOTAL	390.872	171.511
Less	EXPENSES
		Office Expenses	366.075	162.262
		Administrative Expenses
		Depreciation
		Interest
		TOTAL	366.075	162.262
	PROFIT BEFORE TAX		24.797	9.249
Less	TAX		8.327	3.347
	PROFIT AFTER TAX		16.470	5.902
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.201	0.000
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.602
		Dividend Tax	0.000	0.099
	BALANCE CARRIED TO THE B/S		21.671	5.201
	EARNINGS IN FOREIGN CURRENCY		59.720	46.732
	IMPORTS
		Raw Materials	13.524	10.381
		Capital Goods	2.136	0.000
	TOTAL IMPORTS		15.660	10.381
	Earnings Per Share (Rs.)		5.47	--

Particulars	31.03.2011
Sales Turnover (Approximately)	520.000

The above information has been parted by Mr. R S Swaminathan

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	4.21	3.44
Return on Total Assets (PBT/Total Assets}	(%)	5.34	4.98
Return on Investment (ROI) (PBT/Networth)		0.48	0.26
Debt Equity Ratio (Total Liability/Networth)		9.54	6.67
Current Ratio (Current Asset/Current Liability)		1.56	2.70

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Dues to other than Micro and Small Enterprises	100.987	32.681
Total	100.987	32.681

NOTE

The Registered Office of the company has been shifted from 103/104, Sita Vihar, D Wing, Damani Estate, LBS Marg, Thane – 400 602, Maharashtra, India to the present address w.e.f. 19.04.2010.

TRADE REFERENCES

· Kansai Nerolac Paints Limited

· Berger Paints India Limited

PERFORMANCE

This is second year of operation after conversion of the erstwhile Partnership firm into Private Limited Company under Part IX of the Companies Act, 1956. The turnover of the Company has been Rs.390.872 millions during the year as against 171.511 millions during the last year showing the huge increase in the total turnover of the Company. The Company has earned profit after tax of Rs.16.470 millions during the year.

BUSINESS OUTLOOK

The Company has become one of preferred suppliers of colorants to major players in Paint industry.

The company is expecting favourable market situation in current fiscal year. The Company hopes to achieve higher turnover and better profitability during the current year.

SIGNIFICANT ACCOUNTING POLICIES

The Company is formed on 16^th July 2008 by registering a Partnership Firm as a Private Limited Company under Part IX of the Companies Act, 1956. Accordingly, all the assets and liabilities, including that of partners, Capital Account, have been brought forward at its book value from the erstwhile Partnership Firm.

FORM 8

Corporate identity number of the company	U24100MH2008PTC183907
Name of the company	SOUJANYA COLOR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-35/C-36, T.T.C. Industrial Area, M.I.D.C. Pawane, Navi Mumbai – 400 613, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10196167
Type of charge	Immovable property
Particular of charge holder	Union Bank of India Kaprubavadi Branch, Dhan Laxmi Industrial Estate, Gokul Nagar, Old Agra Road, Thane (West), Thane – 400 601, Maharashtra, India
Nature of instrument creating charge	Extension of equitable mortgage by deposit of title deeds.
Date of instrument Creating the charge	23.06.2011
Amount secured by the charge	Rs.339.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Since this security of immoveable properties is offered as a collateral securities no rate of interest is applicable. Terms of Repayment NA Margin NA Extent and Operation of the charge The charge is extended subject to maximum of Rs.339.600 millions with following break up :(Rs. in millions) C.C.HYPO Stock and BD 120.000 W/W PC/FDBP (20.000) W/W FCTL (57.000) Rupee Term Loan 204.600 Term Loan 15.000 ---------- Total 339.600 ------------
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· All that piece and parcel of plot no. C-35 and C-36, area adms. 5366 sq.mtr., and 6005 sq. mtrs. along with factory buldg. structure and PL and mach. thereon, situated at trans-thane creek industrial estate · Villg. Pawane, tal. and dist. Thane, and within the limits of Navi Mumbai Muncipal Corp. Within registration sub. Dist. And registration dist. Thane. · 2) All that piece and parcel of plot no. R-526, area admse. 1000 sq. mtrs., along with factory building structure and PL and mach thereon, situated at trans-thane creek industrial estate, village · Tetavli, Tal and dist. Thane, within the limits of Navi Mumbai Muncipal Corp. Within registration sub-dist and registration dist. Thane. 3) all that piece and parcel of plot no. W-178, area adms. 1200 · Sq.mtrs. Along with factory building structure and PL and mach. Thereon situated at trans-thane Creek Industrial Estate, Village Pawane, Tal.and dist. Thane, and within the limits of Navi Mumbai Muncipal · Corp. Within registration sub. Dist. And registration dist. Thane. 4) Flat no.104, on 1st floor, adms. about 781 sq.fts. Built up area, in the building no.10 in the society known as · "Siddhachal Phase II Co-Opeative Society Ltd." regd. under Maharashtra Chs Limited, having its registration no. TNA/TNA/ HSG/TC/ 10566 / 12-07-99, situated at siddhachal complex, off. Vasant vihar, · Pokharan Road, No.2, Thane (W). The said society is standing on the plot of land bearing survey no.295 Hissa No.2(Part) And Survey No. 297/2(part), Survey No. 299/ 1 (part), situate, lying and being at · Village Majiwade, Taluka and Dist. Thane and within the limits of Thane Muncipal Corp., thane and within the regisrtation dist. Thane and sub-dist. Thane.
Particulars of the present modification	By this present modifiation the charge has been enhanced from Rs.302.100 millions to Rs.339.600 millions

FIXED ASSETS

· Air Conditioner

· Computers and Software

· Cycle

· Electrical Installation

· Factory Shed

· Furniture Fixtures

· Lab Equipment

· Motor Car

· Office Equipment

· Plant and Machinery

· Scooter

· Office Premises

· Industrial Land

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.44.37
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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	4
--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		44

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.