MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED
Registered Office :	C-42, Ganesh Nagar, Pandav Nagar Complex, New Delhi-110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.2005
Com. Reg. No.:	55-139934
Capital Investment / Paid-up Capital :	Rs.0.150 Million
CIN No.: [Company Identification No.]	U74899DL2005PTC139934
Legal Form :	Private limited liability company.
Line of Business :	Manufacturer, Exporter and Importer of Specialized Paints.
No. of Employees :	36 [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 11000
Status :	Satisfactory
Payment Behaviour :	Slow but 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 slow but correct. The company can be considered normal for small 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 [General Details]

Name :	Mr. Mohit
Designation :	Director
Contact No.:	91-9811870999
Date :	14.01.2012

LOCATIONS

Registered Office :	C-42, Ganesh Nagar, Pandav Nagar Complex, New Delhi-110092, India
Tel. No.:	91-11-22487133 / 22486213 / 43111101 / 43111102 / 03 / 28365462 / 30282288
Mobile No.:	91-9810084635 (Mr. Virendra N. Dubey)
Fax No.:	91-11-22486126 / 26253530 / 28363204
E-Mail :	premiumcoatings@vsnl.net mohitdubey@premiumcoatingindia.com pasassociates@yahoo.com
Area :	1000 sq. ft.
Location :	Rented
Corporate Office :	372, 2^nd Floor, F.I.E., Patparganj Industrial Area, Delhi-110092, India
Tel. No.:	91-11-45108459 / 45796601
Fax No.:	91-11-22486126
Factory 1 :	A-23/20, Site IV, Sahibabad Industrial Area
Tel. No.:	91-120-2897298
Factory 2 :	Buladsahar, Sikandarabad, Uttar Pradesh, India

DIRECTORS

As on 05.09.2011

Name :

Mr. Virendra Nath Dubey

Designation :

Director

Address :

802, Plot No.17, Express Apartment, Plot No.17, Sector-4, Vaishali-201 010, Uttar Pradesh, India

Date of Birth/Age :

15.07.1958

Date of Appointment :

24.08.2005

DIN :

00581244

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	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS PRIVATE LIMITED	Whole-time director	1/4/1999	1/4/1999	Active	NO
2	U51109TN1999PTC043573	PRECOAT INTERNATIONAL COATINGS PRIVATE LIMITED	Whole-time director	17/11/1999	17/11/1999	Active	NO
3	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	24/08/2005	24/08/2005	Active	NO

Name :

Ms. Meena Dubey

Designation :

Director

Address :

802, Plot No.17, Express Apartment, Plot No.17, Sector-4, Vaishali-201 010, Uttar Pradesh, India

Date of Birth/Age :

19.05.1959

Date of Appointment :

24.08.2005

DIN :

00585449

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	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS P LTD	Whole-time director	1/4/1999	1/4/1999	Active	NO
2	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	24/08/2005	24/08/2005	Active	NO

Name :

Mr. Navin Kumar Bhatiya

Designation :

Director

Address :

2A, Vaikunth Apartments, 19, Rutland Gate, 4^th Street, Numgambakkam, Chennai-600 034, Tamilnadu, India

Date of Birth/Age :

07.09.1951

Date of Appointment :

24.08.2005

DIN :

00581159

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	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS PRIVATE LIMITED	Managing director	1/12/2008	1/7/1998	Active	NO
2	U51109TN1999PTC043573	PRECOAT INTERNATIONAL COATINGS PRIVATE LIMITED	Managing director	17/11/1999	17/11/1999	Active	NO
3	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	24/08/2005	24/08/2005	Active	NO

Name :

Mr. Mohit Dubey

Designation :

Director

Address :

802, Plot No.17, Express Apartment, Plot No.17, Sector-4, Vaishali-201 010, Uttar Pradesh, India

Date of Birth/Age :

06..06.1985

Date of Appointment :

01.10.2009

DIN :

01461752

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	U24222DL2006PTC156874	PEOPLES TECHTRONICS PRIVATE LIMITED	Director	21/12/2006	21/12/2006	1/9/2007	Active	NO
2	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	1/10/2009	1/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2011

Names of Shareholders	No. of Shares
Virendra Nath Dubey	2500
Meena Dubey	2500
Navin Kumar Bhatiya	5000
Vivek Bhat kashi	5000
Total	15000

As on 05.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	66.67
Other top fifty shareholders	33.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Specialized Paints.
Products :	PU Wood Coating Systems of Natural Finish with Natural Fillers PU Sealer Stainer PU Topcoats (Glossy & Matt). PAINTING AND COATING SYSTEMS New Silk Wood System New Silk Wood Sealer New Silk Wood Glossy New Silk Wood Matt Classic Wood System Classic Wood H.S Sealer Classic Wood Glossy Classic Wood Matt Star Wood System Star Wood Sealer Equa Wood SYSTEM PU Stainer.
Services :	§ Polyurethane Wood Coating Services § Polyurethane Coatings Services for Metals § Polyurethane Coatings Services for Plastics § Polyurethane Coatings Services for Glass § Polyurethane Wall Coatings Services § Polyurethane Novelty Coatings Services
Exports :
Products :	§ Specialized Paints
Countries :	· Africa · Asian Country
Imports :
Products :	· Raw Materials · Finished Products
Countries :	· Korea · Germany
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :	· Wholesalers · Retailers · Distributors · Industries
No. of Employees :	36 [Approximately]
Bankers :	Axis Bank, Vikas Marg, New Delhi, India
Facilities :	--

Banking Relations :	-
Auditors :
Name :	PAS Associates Chartered Accountants
Address :	180, Prem Nagar, Bulandshahr,-203 001, Uttar Pradesh, India
Mobile No.:	91-9811369047
PAN :	AAEPG8054C
Associates/Subsidiaries :	§ Premium Coating and Chemicals Private Limited Address: Chennai, Tamilnadu, India Line of Business: Manufacturer of Specialized Paints § Prescott International

CAPITAL STRUCTURE

As on 05.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
360,000	Equity Shares	Rs.10/- Each	Rs.3.600 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Shares	Rs.10/- Each	Rs.0.150 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		0.150	0.150	0.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.602	1.955	1.524
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.752	2.105	1.674
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.038	0.030	0.031
TOTAL		2.790	2.135	1.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.118	0.875	0.614
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.932	3.999	0.321
	Sundry Debtors	13.239	7.665	3.076
	Cash & Bank Balances	0.155	0.710	0.408
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.754	1.194	1.249
Total Current Assets		18.080	13.568	5.054
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.108	12.262	3.880
	Other Current Liabilities	0.017	0.032	0.032
	Provisions	0.283	0.194	0.383
Total Current Liabilities		16.408	12.488	4.295
Net Current Assets		1.672	1.080	0.759
MISCELLANEOUS EXPENSES		0.000	0.180	0.332
TOTAL		2.790	2.135	1.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	62.194	31.697	8.841
		Other Income	1.514	3.099	5.916
		TOTAL	63.708	34.796	14.757
Less	EXPENSES
		Cost of Goods Sold	50.858	24.810	5.971
		Salaries and other benefits to employees	4.036	3.568	2.306
		Selling and Distribution Expenses	3.896	2.345	2.401
		Administrative and Other Expenses	3.754	3.260	2.770
		TOTAL	62.544	33.983	13.448
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.164	0.813	1.309
Less/ Add	DEPRECIATION/ AMORTISATION		0.223	0.193	0.127
	PROFIT BEFORE TAX		0.941	0.620	1.182
Less	TAX		0.294	0.189	0.404
	PROFIT AFTER TAX		0.647	0.431	0.778
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.955	1.524	0.746
	BALANCE CARRIED TO THE B/S		2.602	1.955	1.524
	Earnings Per Share (Rs.)		43.10	28.71	51.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.02	1.24	5.27
Net Profit Margin (PBT/Sales)	(%)	1.51	1.96	13.37
Return on Total Assets (PBT/Total Assets}	(%)	4.90	4.29	20.86
Return on Investment (ROI) (PBT/Networth)		0.34	0.29	0.71
Debt Equity Ratio (Total Liability/Networth)		5.96	5.93	2.56
Current Ratio (Current Asset/Current Liability)		1.10	1.09	1.18

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Financial Results

During the year, the company engaged in trading activities. The company achieved good volume in turnover and it increased by 82.18% in comparison of previous year, but gross profit reduce to 18.23% from 21.73% in comparison of previous due to increase in volume and competitor.

Fixed Assets:

· Furniture and Fixtures

· Computer

· Office Equipments

· Plant and Machinery

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.51.06
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	YES
--AFFILIATION	YES/NO	YES
--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.