MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	PERFECT FINISHING CHEMICALS PRIVATE LIMITED
Registered Office :	No.35, Pinjala Subrami Street, T. Nagar, Chennai – 600 017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.2004
Com. Reg. No.:	18-54053
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24297TN2004PTC054053
TAN No.: [Tax Deduction & Collection Account No.]	CHEP06821D
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer in Tanning Chemicals.
No. of Employees :	Not Available

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 79000
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 condition.

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

LOCATIONS

Registered Office :	No.35, Pinjala Subrami Street, T.Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pariauditchennai@gmail.com
Corporate Office :	290/ 22, Jamath Road, K.H. House 2, Hunters Road, Vaniyambadi – 635 751, Tamilnadu, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Selvam Govindaraj

Designation :

Director

Address :

253/ M-1, Pillavar Koil St., Chennampet, Vaniyambadi – 635 751

Date of Birth/Age :

10.01.1976

Date of Appointment :

30.09.2005

DIN No.:

02869602

Name :

Mr. R. Anil Kumar

Designation :

Director

Address :

35, Pinjala Subramaniyam St., T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

25.05.1968

Date of Appointment :

01.12.2004

DIN No.:

01742543

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	U24117TN1992PTC023926	RISHAB INTERMEDIATES PRIVATE LIMITED	Director	01-12-92	01-12-92	Active	NO
2	U65993TN1995PTC030903	SHREE AMBA HOMES PRIVATE LIMITED	Director	10-04-95	10-04-95	Active	NO
3	U24111TN2000PTC044076	SANSKAR CHEMICALS AND DRUGS PRIVATE LIMITED	Director	28-09-00	28-09-00	Active	NO
4	U24223TN2003PTC050609	IMPRESSION INKS PRIVATE LIMITED	Director	28-03-03	28-03-03	Active	NO
5	U24297TN2004PTC054053	PERFECT FINISHING CHEMICALS PRIVATE LIMITED	Director	30-09-05	30-09-05	Active	NO

Name :

Mr. R. Sunil Kumar

Designation :

Director

Address :

35, Pinjala Subramaniyam St., T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Appointment :

30.09.2005

DIN No.:

01813159

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	U24117TN1992PTC023926	RISHAB INTERMEDIATES PRIVATE LIMITED	Director	01-12-92	01-12-92	Active	NO
2	U65993TN1995PTC030903	SHREE AMBA HOMES PRIVATE LIMITED	Director	10-04-95	10-04-95	Active	NO
3	U24297TN2004PTC054053	PERFECT FINISHING CHEMICALS PRIVATE LIMITED	Director	30-09-05	30-09-05	Active	NO

Name :

Mr. Narayanaswamy Venkatesan

Designation :

Director

Address :

2/ 19, Alingikulam Village, Devasthanam Post, Vaniyambadi Taluk, Vellore, Vaniyambadi – 635 751, Tamilnadu, India

Date of Birth/Age :

03.08.1974

Date of Appointment :

25.08.2004

DIN No.:

01757491

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	U24297TN2004PTC054053	PERFECT FINISHING CHEMICALS PRIVATE LIMITED	Director	25-08-04	25-08-04	Active	NO
2	U51496TN2005PTC057823	CFC CREATIVE LEATHER FINISHES PRIVATE LIMITED	Director	17-10-05	17-10-05	Active	NO
3	U51496TN2005PTC057824	CREATIVE LEATHER FINISHING COMPANY PRIVATE LIMITED	Director	17-10-05	17-10-05	Active	NO
4	U24113TN2007PTC062406	GOODWILL TANNING TECH PRIVATE LIMITED	Director	17-02-07	17-02-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
N. Venkatesan	15000
R. Sunil Kumar	5000
R. Anil Kumar	5000
R. Rajesh Kumar	5000
R. Dinesh Kumar	5000
N. Rukumani	15000
Neha	12000
A. Ujjwal	6000
D. Sheela	6000
R. Saroj	6000
S. Manju	6000
S. Sovindraj	14000
Total	100000

(AS ON 30.09.2011)

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

BUSINESS DETAILS

Line of Business :

Dealer in Tanning Chemicals.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Nor Available

Banking Relations :
Auditors :
Name :	V. Krishnan and Company Chartered Accountant
Address :	No.208, CSM Castle, Lloyds Road, Royapettah, Chennai – 600014, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AADFV3215D
Associates :	· Creative Leather Finishing Company Private Limited (CLFCPL) · Goodwill Tanning Tech Private Limited (GTTPL)

CAPITAL STRUCTURE

(AS ON 30.09.2011)

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]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.679	15.421	11.748
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.679	16.421	12.748
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	2.092
TOTAL BORROWING		0.000	0.000	2.092
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.679	16.421	14.840
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.223	0.275	0.307
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.013	0.011	0.010
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.274	4.737	1.719
	Sundry Debtors	29.808	22.572	21.888
	Cash & Bank Balances	0.885	0.287	1.514
	Other Current Assets	5.313	4.913	4.901
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		40.280	32.509	30.022
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.689	14.543	13.669
	Other Current Liabilities	0.158	0.219	0.228
	Provisions	2.000	1.625	1.619
Total Current Liabilities		20.847	16.387	15.516
Net Current Assets		19.433	16.122	14.506
MISCELLANEOUS EXPENSES		0.010	0.013	0.017
TOTAL		19.679	16.421	14.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	75.794	65.940	76.847
		Other Income	0.382	2.049	1.993
		TOTAL (A)	76.176	67.989	78.840
Less	EXPENSES
		Cost of Goods Sold	64.129	57.312	67.168
		Personnel Expenses	0.613	0.597	0.744
		Rent, Insurance and Taxes	0.205	0.173	0.163
		Repairs and Maintenance	0.069	0.113	0.089
		Selling Expenses	3.040	2.613	2.657
		Remuneration to Director	0.980	0.980	1.155
		Other Expenses	0.547	0.613	0.642
		TOTAL (B)	69.583	62.401	72.618
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.593	5.588	6.222
Less	FINANCIAL EXPENSES (D)		0.006	0.086	0.629
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.587	5.502	5.593
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.053	0.064	0.078
	PROFIT BEFORE TAX (E-F) (G)		6.534	5.438	5.515
Less	TAX (H)		2.110	1.765	2.210
	PROFIT AFTER TAX (G-H) (I)		4.424	3.673	3.305
	Interim Dividend @ Rs.10/- per Equity Shares		1.000	0.000	--
	Tax on Distributed Profits		0.166	0.000	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.258	3.673	--
	Earnings Per Share (Rs.)		44.24	36.73	33.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.89	5.40	4.19
Net Profit Margin (PBT/Sales)	(%)	8.62	8.25	7.18
Return on Total Assets (PBT/Total Assets}	(%)	16.13	16.59	18.18
Return on Investment (ROI) (PBT/Networth)		0.33	0.33	0.43
Debt Equity Ratio (Total Liability/Networth)		1.06	1.00	1.38
Current Ratio (Current Asset/Current Liability)		1.93	1.98	1.93

LOCAL AGENCY FURTHER INFORMATION

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

PERFORMANCE

This company has achieved a turnover of Rs.75.794 Millions during the year as against the turnover of Rs.65.940 Millions in the immediate preceding year 2009-10 resulting with s net profit of Rs.4.424 Millions during the year as against Rs.3.673 Millions in the immediate preceding year.

FIXED ASSETS:

· Office Equipments

· Furniture and Fixtures

· Computers

· Vehicle

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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	NO
--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
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
-	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.