MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED
Registered Office :	C-1B/85, GIDC, Waghodia, District Vadodara-391760, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.10.1986
Com. Reg. No.:	04-009087
Capital Investment / Paid-up Capital :	Rs. 12.500 Millions
CIN No.: [Company Identification No.]	U25209GJ1986PTC009087
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01025D
PAN No.: [Permanent Account No.]	AABCP2646M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Concentra Colour Concentrates for Thermoplastics.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 390000
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.

INFORMATION PARTED BY

Name :	Mr. Karan Desai
Designation :	Manager
Contact No.:	91-265-2357208
Date :	10.11.2011

LOCATIONS

Registered Office / Factory :	C-1B/85, GIDC, Waghodia, District Vadodara-391760, Gujarat, India
Tel. No.:	91-265-2357208
Fax No.:	Not Available
E-Mail :	office@perfectcolourants.com
Website :	www.perfectcolourants.com
Location :	Owned
Branch Office :	303, PG Square, Near Tube Company, Old Padra Road, Vadodara-390020, Gujarat, India
Tel. No.:	91-265-6507399 / 6457499
Fax No.:	91-265-2357208
E-Mail :	info@perfectcolourants.com

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Madanmohan Siremal Humad
Designation :	Director
Address :	27, Chinarwood Society, Rkoja Road, Vadodara-390018, Gujarat, India
Date of Appointment :	16.10.1986
DIN No.:	00028925

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	16-10-86	16-10-86	Active	NO
2	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17-11-00	17-11-00	Active	NO

Name :	Mr. Bhupendrakumar Siremal Humad
Designation :	Director
Address :	801, Prakash, 66, Swastic Society, 5^th Road, JVPD, Vile Parel, Mumbai-400056, Maharashtra, India
Date of Appointment :	04.01.1995
DIN No.:	00786033

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	04-01-95	04-01-95	-	Active	NO
2	U27300MH1989PTC052155	PRAFUL METAL WORKS PRIVATE LIMITED	Director	10-05-00	10-05-00	16-03-09	Active	NO
3	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17-11-00	17-11-00	-	Active	NO
4	U27101GJ1990PTC014654	PREMIUM POLYALLOYS PRIVATE LIMITED	Director	15-06-05	15-06-05	-	Active	NO
5	U36990AS2009PTC008956	PREMIUM GRANULES PRIVATE LIMITED	Director	16-02-09	16-02-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Karan Desai
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Madanmohan Siremal Humad	22375
Rekha Humad	44050
M S Humad HUF	33390
Bhupendra Kumar Humad	10
Saroj Humad	1400
Rikta Sethi	5720
Rupen Humad	18055
Total	125000

AS ON 29.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Concentra Colour Concentrates for Thermoplastics.

Products :

ITC CODE	PRODUCTS
32061900	Colour Concentrate based on Inorganic Pigments Preparation
32041900	Colour Concentrate based on Organic Pigments Preparation

Exports :

Products :

Finished Goods

Countries :

· USA

· UK

· Africa

Imports :

Products :

Raw Material

Countries :

· Singapore

· Gulf Countries

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	31.03.2010
Installed Capacity	MT	3000.00
Actual Production	MT	2584.74

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
1. Working Capital Loan from a Bank (Both loans are secured by way of hypothecation of Stock Book debts and Plant and Machinery it is further secured by way First and second charge over entire Fixed Assets of the Company including land, Building and office premises and by personal guarantee of the Directors)	25.705	26.907
2. From Bank against hypothecation of a car	0.826	0.000
Total	26.531	26.907
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors	1.289	0.874
From Shareholders	4.653	4.269
Total	5.942	5.143

Banking Relations :	--
Auditors :
Name :	Lalit R Mehta and Associates Chartered Accountants
Address :	Prasana House, Akota, Vadodara-390015, Gujarat, India
Tel. No.:	91-265-2335107
Fax No.:	91-265-2354630
E-Mail :	admin@lrmca.com
Pan No.:	AAUPM0018Q
Subsidiaries :	· Premium Ployalloys(SA) Pty Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs. 12.500 Millions

Note: (Of above 98017 (105250 are allotted as fully paid up by way of Bonus Shares)

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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		86.107	82.289	75.248
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		98.607	94.789	87.748
LOAN FUNDS
1] Secured Loans		26.531	26.907	23.833
2] Unsecured Loans		5.942	5.143	5.124
TOTAL BORROWING		32.473	32.050	28.957
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		131.080	126.839	116.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.088	10.108	15.746
Capital work-in-progress		0.103	0.926	0.000
INVESTMENT		8.310	8.310	8.310
DEFERREX TAX ASSETS		0.476	0.240	0.235
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.089	69.659	46.833
	Sundry Debtors	59.027	53.248	56.669
	Cash & Bank Balances	3.239	3.818	3.309
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.965	20.079	12.086
Total Current Assets		142.320	146.804	118.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.151	45.291	23.938
	Other Current Liabilities		0.000	0.000
	Provisions	9.066	0.259	2.545
Total Current Liabilities		43.217	45.549	26.483
Net Current Assets		99.103	101.255	92.414
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		131.080	120.839	116.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	352.952	268.043	221.690
		Other Income
		TOTAL	352.952	268.043	221.690
Less	EXPENSES
		Office Expenses
		Administrative Expenses	336.668	253.293	197.564
		Advertising Expenses
		TOTAL	336.668	253.293	197.564
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.284	14.750	24.126
	DEPRECIATION/ AMORTISATION		4.244	2.950	3.470
Less	Provision for Investment Written Off		4.562	0.000	0.000
	Provision for Bad Debts		0.987	0.000	0.000
	PROFIT BEFORE TAX		6.491	11.745	20.656
Less	TAX		2.674	2.510	3.022
	PROFIT AFTER TAX		3.817	9.235	17.634
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.790	75.248	64.264
	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.500	1.500
		Dividend	0.000	1.875	2.500
		Tax on Dividend	0.000	0.318	0.425
	BALANCE CARRIED TO THE B/S		84.607	80.790	77.473
	EXPORT VALUE		5.463	4.140	8.181
	IMPORTS
		Raw Materials	41.250	16.691	18.761
		Plant and Machinery	5.303	1.715	0.367
	TOTAL IMPORTS		46.553	18.406	19.128
	Earnings Per Share (Rs.)		30.54	73.88	141.07

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.08	3.45	7.95
Return on Total Assets (PBT/Total Assets}	(%)	3.91	7.47	15.31
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.23
Debt Equity Ratio (Total Liability/Networth)		0.77	0.82	0.63
Current Ratio (Current Asset/Current Liability)		3.29	3.22	4.49

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particular	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors : For Goods and Expenses	NA	45.291	23.938

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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 variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	----
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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, if available	------

FINANCE

THE Bankers have not working requirements of the Company. The company has been regular in servicing as debts during the year.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2010
Letters of Credit	4.529
Bank Guarantee	0.600
Services Tax Disputed	0.171

FORM 8

Corporate identity number of the company	U25209GJ1986PTC009087
Name of the company	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-1B/85, GIDC, Waghodia, District Vadodara-391760, Gujarat, India
This form is for	Modification 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-400013, Maharashtra, India
Nature of instrument creating charge	Second Supplemental Letter of Hypothecation of stocks, Book Debts and Machinery dated 04.04.2011
Date of instrument Creating the charge	04.04.2011
Amount secured by the charge	Rs. 72.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 2.8 % (Currently base rate is 8.7 %) or such other interest rate as advised by Bank from time to time Terms of repayment Repayable on Demand Margin As advised by Bank from time to time Extent and operation of the charge First exclusive charge by way of Hypothecation of stocks, Book Debts and Plant and Machinery. Both present and future
Short particulars of the property charged (Including location of the property)	First exclusive charge by way of Hypothecation of stocks, book Debts and Plant Machinery Both and present and future situated at C-1B / 85, GIDC, Vaghodia, Dist. Vadodara and Daman or else where
Charge identification number of the charge to be modified	90112985
Date of instrument modifying the charge	13.07.2009
Particulars of the present modification	By this modification the Charge on the Company assets both present and future is being enhanced from Rs. 60.400 millions to Rs. 72.000 millions

TRADE REFERENCE:

· Garware Wall Ropes Limited

· Mother Diary

FIXED ASSETS

· Land

· Factory Building

· Office Premises

· Plant and Machinery

· Vehicles

· Computer

· Air Conditioner

· Electrical Installations

· Furniture and Fixture

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. 68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.