MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	PERMA CONSTRUCTION AIDS PRIVATE LIMITED
Registered Office :	Shed No.C1/2301/2, GIDC, Sarigam – 396155, District – Valsad, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.04.1997
Com. Reg. No.:	04-032104
Capital Investment / Paid-up Capital :	Rs. 8.100 Millions
CIN No.: [Company Identification No.]	U45201GJ1997PTC032104
TAN No.: [Tax Deduction & Collection Account No.]	SRTP01569B
PAN No.: [Permanent Account No.]	AABCP4353K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Construction Chemicals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed 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

LOCATIONS

Registered Office :	Shed No.C1/2301/2, GIDC, Sarigam – 396155, Gujarat, India
Tel. No.:	91-260-2783019
Fax No.:	Not Available
E-Mail :	info@permaindia.com
Website :	www.permaindia.com
Branch Office :	611/612, Nirmal Corporate Centre, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25918911/ 25674690
Fax No.:	91-22-25674690/ 25903008

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mohmmad Abdul Waheed
Designation :	Whole-time Director
Address :	6/B 702 Meelam Nagar, Mulund (East), Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	15.12.1951
Date of Appointment :	11.04.1997
DIN No.:	00352600
Name :	Mr. Charles A. Jeyasingh
Designation :	Whole time Director
Address :	5/A, Dattani Apartment, Flat No.46, B Wing, Kandivali, Mumbai, Maharashtra, India
Date of Birth/Age :	02.01.1961
Date of Appointment :	11.04.1997
DIN No.:	00350686
Name :	Mr. Safia Abdul Waheed
Designation :	Whole time Director
Address :	6/B 702 Meelam Nagar, Mulund (East), Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	12.10.1954
Date of Appointment :	11.04.1997
DIN No.:	00382044

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Charles Augustine Jeyasingh	405000
Safia Waheed	40000
Abdul Mohamad Waheed	365000
Total	810000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Construction Chemicals
Products :	Perma Plast Perma Mra C-40 Perma Plast – Ex Perma Floor Seal Perma Plast Super Perma Hyper Plast Perma Floor, Top AL Perms Retard

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Construction Chemicals	Kg. / Ltr.	3383342

GENERAL INFORMATION

Suppliers :

· Afco Industries

· All India Minerals

· Goldstar Polymers Limited

· Jainam Polymers

· Marathwada Chemical Industries Private Limited

· Schnell Global Industries Private Limited

· Spectra Colourtech India Private Limited

· Zenith Fibres Limited

· Vasuiaval Plastics

· Samir Agencies

· Sigma Minerals Limited

Customers :

· Allied Concrete Works

· Canara Interlock and Designer Tiles

· Dhanam Traders

· Om Sai Enterprises

· Riddhi Enterprises

· Sneh Conchem

· Sterling Construction Systems Limited

· Vipul Waterproofing Private Limited

· Hero Floor Tiles

· Endure Systems

· Venus Enterprises

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Mulund (West) Branch, “Pooojas”, 99, Jawaharala Nehru Road, Mulund West, Mumbai-400080, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of Baroda – Cash Credit A/c 5116 (Secured by hypothecation of current assets, plant and machinery, equitable mortgage of factory land and building and personal guarantee of directors)	11.819	5.127
HDFC Bank Limited – A/c 1599312 (Secured by hypothecation of motor car and personal guarantee of directors)	0.000	0.027
Reliance Capital Limited – A/C. RLNCMUM000092068 (Secured by hypothecation of motor car and personal guarantee of directors)	0.232	0.325
Reliance Capital Limited – A/C. RLNCMUM000147705 (Secured by hypothecation of motor car and personal guarantee of directors)	0.224	0.331
Bank of Baroda – TL – 04070600000734 (Secured by hypothecation of current assets, plant and machinery, equitable mortgage of factory land and building and personal guarantee of directors)	4.838	5.140
Total	17.113	10.950
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Director / Their Relatives	2.895	2.895
Trade Deposits	0.730	0.755
Total	3.625	3.650

Banking Relations :	--
Auditors :
Name :	Manoj Shah and Company Chartered Accountant
Address :	6, Rajhans, 1^st Floor, Near Char Rasta, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2423520
E-Mail :	Manojshah12@yahoo.com
Pan No.:	AEQPS7329E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
810000	Equity Shares	Rs.10/- each	Rs. 8.100 Millions

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		8.100	7.500	6.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.922	20.426	13.139
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.022	27.926	19.939
LOAN FUNDS
1] Secured Loans		17.113	10.950	6.690
2] Unsecured Loans		3.625	3.650	2.121
TOTAL BORROWING		20.738	14.600	8.811
DEFERRED TAX LIABILITIES		1.985	1.509	1.104
TOTAL		58.745	44.035	29.854
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.368	26.437	13.180
Capital work-in-progress		0.000	0.000	1.225
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.279	7.479	6.955
	Sundry Debtors	23.467	17.358	14.098
	Cash & Bank Balances	3.595	0.790	2.338
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.883	3.932	2.875
Total Current Assets		45.224	29.559	26.266
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.139	8.018	8.604
	Other Current Liabilities	0.674	0.788	0.358
	Provisions	3.034	3.155	1.855
Total Current Liabilities		15.847	11.961	10.817
Net Current Assets		29.377	17.598	15.449
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		58.745	44.035	29.854

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	143.271	113.684	101.227
		Other Income	0.157	0.076	0.096
		TOTAL (A)	143.428	113.760	101.323
Less	EXPENSES
		Raw Material Consumed	70.693	55.697	54.011
		Excise Duty	13.731	9.044	12.063
		Manufacturing Expenditure	7.896	5.607	4.889
		Employees Salary and Other Benefits	11.148	8.022	7.182
		Administrative and Selling Expenditure	26.239	22.374	18.594
		Increase (Decrease) In Stock	(0.082)	0.656	(1.803)
		TOTAL (B)	129.625	101.400	94.936
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.803	12.360	6.387
Less	FINANCIAL EXPENSES (D)		1.384	0.540	0.587
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.419	11.820	5.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.538	1.112	0.869
	PROFIT BEFORE TAX (E-F) (G)		10.881	10.708	4.931
Less	TAX (H)		3.385	3.422	1.721
	PROFIT AFTER TAX (G-H) (I)		7.496	7.286	3.210
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.425	13.139	9.929
	BALANCE CARRIED TO THE B/S		27.921	20.425	13.139
	IMPORTS VALUE		4.489	2.876	NA
	Earnings Per Share (Rs.)		9.25	9.72	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.23	6.40	3.17
Net Profit Margin (PBT/Sales)	(%)	7.59	9.42	4.87
Return on Total Assets (PBT/Total Assets}	(%)	14.59	19.12	12.50
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.25
Debt Equity Ratio (Total Liability/Networth)		1.07	1.06	1.04
Current Ratio (Current Asset/Current Liability)		2.85	2.47	2.43

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. Constructions 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	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
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

FIXED ASSETS

· Computer and Printers

· Factory Shed

· Flats

· Furniture and Fittings

· Leasehold Land

· Motor Car

· Office

· Office Equipments

· Plant and Machinery

· Tools and Dies

· Vehicles (Scooter and Cycle)

WEBSITE DETAILS

PROFILE

The beginning of the 21^st century, considered a veritable "CHEMICAL CENTURY", has seen phenomenal industrial and infrastructural growth, having far reaching effects on the Construction Industry and materials for Construction. The Chemical Industry is, in a sense, a great creative dynamo, using its energies to devise new processes and techniques. The Construction Chemical Industry too has not been lagging behind. Changes in the manufacturing techniques have affected the building industry too. The highest standards of performance have been demanded from main building products such as concrete and mortars. Developments in materials and techniques have prompted Construction chemical manufacturers to strive hard and achieve higher levels of performance. however, in spite of the best efforts put together, lacunae seems to remain between the performance standards at site and the satisfaction level of engineers who are using these products.

The growth factor and performance criteria for building products is expected to increase multi-fold in the 21st century. To bridge these gaps between performance expectation and the availability of quality construction chemicals, professionals with decades of experience in this field have joined hands to take up this challenge under the banner of "PERMA".

Subject offers the most modern construction chemicals to cater to all critical applications in the civil engineering industry. They, at Subject, hope that their untiring efforts will bind them with the construction industry in a permanent bond.

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. 55.72
UK Pound	1	Rs. 87.26
Euro	1	Rs. 69.89

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.