MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	NEW COAT PRIVATE LIMITED
Registered Office :	113 and 115, Moraya Industrial Complex, T-Block, MIDC, Bhosari, Pune - 411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.12.2003
Com. Reg. No.:	11-18628
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U24306PN2003PTC018628
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Painting / Coatings and Industrial Painting / Coatings.
No. of Employees :	100 (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

Maximum Credit Limit :	USD 24000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Nishikant Chandrakant Dixit
Designation :	Managing Director
Contact No.:	91-9822210771
Date :	29.10.2011

LOCATIONS

Registered Office/Factory 1 :	113 and 115, Moraya Industrial Complex, T-Block, MIDC, Bhosari, Pune - 411 026, Maharashtra, India
Tel. No.:	91-20-27124570
Mobile No.:	91-9822210771 (Mr. Nishikant Chandrakant Dixit)
Fax No.:	91-20-27127646
E-Mail :	newcoatindustries@hotmail.com sunilshanoy@rediffmail.com
Website :	http://www.newcoat.com
Area :	1300 Sq. ft.
Location :	Owned
Factory 2 :	MIDC, Bhosari, Pune - 411 026, Maharashtra, India
Area :	1200 Sq. ft.
Location :	Owned
Factory 3 :	Pirangut, Pune, Maharashtra, India
Location :	Leased

DIRECTORS

As on 30.09.2010

Name :	Mr. Nishikant Chandrakant Dixit
Designation :	Managing Director
Address :	I 4, Suyog Nagar S B Board, Pune – 411 016, Maharashtra, India
Date of Appointment :	03.12.2003
DIN No.:	01678797
Name :	Mrs. Mrunal Nishikant Dixit
Designation :	Director
Address :	I 4, Suyog Nagar S B Board, Pune – 411 016, Maharashtra, India
Date of Appointment :	03.12.2003
DIN No.:	01678771

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Nishikant Chandrakant Dixit	127500
Mrunal Nishikant Dixit	122500
Total	250000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automotive Painting / Coatings and Industrial Painting / Coatings.
Product Description :	Coating on Industrial and other products
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

100 (Approximately)

Bankers :

· Vidya Co-Operative Bank Limited

S No. 968, Plot No. 1, Senapati Bapat Road, Pune – 411 016, Maharashtra, India

· Vidya Sahakari Bank Limited

Senapati Bapat Road, Pune – 411 016, Maharashtra, India

· Cosmos Co-Operative Bank Limited

· ICICI Bank

· Corporation Bank

· HDFC Bank Limited

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit and Bill Discounting facility from Cosmos Co-Operative Bank Limited (Secured against hypothecation of stock and debtors)	0.000	5.979
Term Loans from Cosmos Co-Operative Bank Limited (Secured against hypothecation of assets acquired under these loans)	0.000	7.004
Car Loan from ICICI (Secured against hypothecation of assets acquired under these loans)	0.261	0.340
Cash Credit and Bill Discounting facility from Vidya Co-Operative Bank Limited (Secured against hypothecation of stock and debtors)	6.055	0.000
Term Loans from Vidya Co-Operative Bank Limited (Secured against hypothecation of assets acquired under these loans)	9.820	0.000
Total	16.136	13.323

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Loans from directors, Members and their relatives and finance companies	5.754	5.416
Total	5.754	5.416

Banking Relations :	--
Auditors :
Name 1 :	Sunil Shanoy and Associates Chartered Accountants
Address :	681 B, Gajalaxmi Nivas, Deccan Gymkhana, Pune – 411 004, Maharashtra, India
Tel No.:	91-20-25533466
E-Mail :	sunilshanoy@rediffmail.com
PAN No.:	AIDPS7611Q
Name 2 :	Mr. Amod Bhate Chartered Accountant
Address :	Pune, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.859	5.305	4.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.959	5.405	4.449
LOAN FUNDS
1] Secured Loans		16.136	13.323	13.419
2] Unsecured Loans		5.754	5.416	3.284
TOTAL BORROWING		21.890	18.739	16.703
DEFERRED TAX LIABILITIES		0.131	0.189	0.220
TOTAL		27.980	24.333	21.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.039	19.272	21.430
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.376	0.198	0.198
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.310	1.520	0.650
	Sundry Debtors	9.814	8.256	9.941
	Cash & Bank Balances	0.666	0.592	0.375
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.657	3.567	1.550
Total Current Assets		20.447	13.935	12.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.927	5.081	8.447
	Other Current Liabilities	3.955	3.991	4.325
	Provisions
Total Current Liabilities		9.882	9.072	12.772
Net Current Assets		10.565	4.863	(0.256)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.980	24.333	21.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Coating Charges	28.508	29.356	43.667
		Work in progress	6.310	0.000	0.000
		Other Income	1.646	0.906	0.109
		TOTAL (A)	36.464	30.262	43.776
Less	EXPENSES
		Raw Material Consumed	20.255	5.632	6.819
		Salaries and Employee Benefits	3.457	5.016	7.585
		Other Direct Costs	2.177	5.335	12.715
		Selling, Administration and Other Expenses	4.013	7.615	10.321
		TOTAL (B)	29.902	23.598	37.440
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.562	6.664	6.336
Less	FINANCE COSTS (D)		3.080	2.332	1.380
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.482	4.332	4.956
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.442	2.684	2.205
	PROFIT/LOSS BEFORE TAX (E-F) (G)		1.040	1.648	2.751
Less	TAX (H)		0.486	0.692	0.963
	PROFIT/LOSS AFTER TAX (G-H) (I)		0.554	0.956	1.788
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.305	4.349	2.561
	BALANCE CARRIED TO THE B/S		5.859	5.305	4.349
	Earnings Per Share (Rs.)		55.41	95.57	178.87

Particulars	31.03.2011
Sales Turnover (Approximately)	48.000

Expected Sales (2011-2012) : Rs.55.000 millions

The above information has been parted by Mr. Nishikant Chandrakant Dixit

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.52	3.16	4.08
Net Profit Margin (PBT/Sales)	(%)	3.65	5.61	6.30
Return on Total Assets (PBT/Total Assets}	(%)	2.77	4.96	8.10
Return on Investment (ROI) (PBT/Networth)		0.17	0.30	0.62
Debt Equity Ratio (Total Liability/Networth)		5.33	5.15	6.63
Current Ratio (Current Asset/Current Liability)		2.07	1.54	0.98

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	--
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	NO
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FORM 8

Corporate identity number of the company	U24306PN2003PTC018628
Name of the company	NEW COAT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	113 and 115, Moraya Industrial Complex, T-Block, MIDC, Bhosari, Pune - 411 026, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10210748
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Vidya Co-Operative Bank Limited, S No. 968, Plot No. 1, Senapati Bapat Road, Pune – 411 016, Maharashtra, India
Nature of instrument creating charge	Agreement of hypothecation of movable property
Date of instrument Creating the charge	01.12.2010
Amount secured by the charge	Rs.22.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% Terms of Repayment On Demand Margin 30% Extent and Operation of the charge Term Loan of Rs.10.000 millions and CC of Rs.12.500 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Plot No 297 Sector 10 PCNTDA Bhosari Pune 411026 · Industrial Shed 113 and 115 Morya Industrial Estate T 201 MIDC Bhosari Pune 411026 · Flat No 4 1st Floor I Building Suyog Nagar Coop Housing Society CTS3004 S No 102 Hissa No 4 Shivaji Nagar Pune 411005 · Hypothecation of Stock and Debtors · Hypothecation of Plant and Machinery
Particulars of the present modification	Cash Credit limit increased from Rs.7.500 millions to Rs.12.500 millions. Term loan balance to continue.

TRADE REFERENCES

· Tata

· Mahindra and Mahindra

FIXED ASSETS

· Air Compressor

· Air Conditioner

· Building

· Car

· Computer

· Dies and Moulds

· Electric Installation

· Furniture

· G I Ducting

· Generator

· Gloss Meter

· Jigs and Fixtures

· Mobile

· Shed

· Office Equipment

· Plant and Machinery

· Tata 207 Vehicles

· Office

· Plot

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	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
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.