MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	ESDEE PAINTS LIMITED
Registered Office :	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.1979
Com. Reg. No.:	11- 021670
Capital Investment / Paid-up Capital :	Rs. 9.996 millions
CIN No.: [Company Identification No.]	U24222MH1979PLC021670
TAN No.: [Tax Deduction & Collection Account No.]	MUME04963A
PAN No.: [Permanent Account No.]	AAACE1378A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Paints and Allied Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company has achieved an increase in its sales turnover and profitability during 2011. The financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	(CASH CREDIT) A -
Rating Explanation	Adequate degree of safety and low credit risk
Date	01.07.2012

Rating Agency Name	CRISIL
Rating	(Term Loan) A -
Rating Explanation	Adequate degree of safety and low credit risk
Date	01.07.2012

Rating Agency Name	CRISIL
Rating	(BANK GUARANTEE) P2+
Rating Explanation	Strong degree of safety and low credit risk
Date	01.07.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Management Non Co-operative (Name not disclosed)

LOCATIONS

Registered Office :	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25217982
Fax No.:	91-22-25212988
E-Mail :	tkfj49@hotmail.com info@esdeepaints.com
Website :	http://www.esdeepaints.com
Branch Office :	Located at North Zone: Punjab Chandigarh Haryana New Delhi Uttar Pradesh Uttarakhand Rajasthan West Zone: Gujrat Maharashtra South Zone: Karnataka Kerala Tamilnadu Andhra Pradesh Central Zone: Orissa Jharkhand West Bengal

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Mahavir Ganeshlal Dawra
Designation :	Director
Address :	8.Railview, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	02.09.1951
Qualification :	Graduate
Date of Appointment :	12.09.1979
DIN No.:	00215028
Name :	Mr. Sharad Ganeshlal Dawra
Designation :	Director
Address :	8.Railview, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	01.10.1957
Qualification :	Graduate
Date of Appointment :	12.09.1979
DIN No.:	00215060
Name :	Mr. Rahul Sharad Dawra
Designation :	Director
Address :	8.Railview, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	19.05.1980
Date of Appointment :	06.03.2009
DIN No.:	02569598
Name :	Mr. Shekhar Ganeshlal Dawra
Designation :	Director
Address :	8.Railview, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	13.03.1954
Qualification :	Graduate
Date of Appointment :	12.09.1979
DIN No.:	02415586

KEY EXECUTIVES

Name :	Ms. Sholi
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Mahavir G. Dawra	17574
Shekhar G. Dawra	14803
Sharad G. Dawra	17108
Rekha S Doshi	160
Ganesh Chemicals Private Limited, India	130
Mitto M. Dawra	725
Malini M. Dawra	725
Varsha M Dawra	660
Rahul S. Dawra	1125
Bela S. Dawra	4100
Sharad G. Dawra (HUF)	465
Swarnalata M. Dawra	3065
Mahavir G. Dawra (HUF)	465
G G Dawra (HUF)	465
Ketki S Dawra	865
Ganesh Industries, India	18000
Ganesh Warehousing and Transport Agency, India	19530
Total	99965

AS ON 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Paints and Allied Products.
Products :	Poly Urethane Epoxy Hi-performance Plastic coating General Industrial Wood Coating Decorative Enamel Lacquer Thinner

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Bank of India, Thane MCB, G - 5, Akruti SMC Building, Near Khopat Junction, .B.S. Marg, Thane West - 400601, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Working Capital Loans Banks Secured	122.178	128.129
Loans Taken For Other Fixed Assets Secured	42.286	4.712
Total	164.464	132.841
Unsecured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Loans Directors Unsecured	33.333	25.498
Other Debt Unsecured	4.500	4.658
Total	37.833	30.156

Banking Relations :	--
Auditors :
Name :	Chandulal M. Shah and Company Chartered Accountants
Address :	304, Maker Bhavan No. 3, 21, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-2331980/ 81
PAN No.:	AACFC5019K
Related Parties :	Ganesh Industries Ganesh Warehousing Ganesh Chemicals Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99965	Equity Shares	Rs. 100/- each	Rs. 9.996 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		9.996	9.996	9.996
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		843.175	700.671	574.373
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		853.171	710.667	584.369
LOAN FUNDS
1] Secured Loans		1706.342	1421.334	96.080
2] Unsecured Loans		1706.342	30.156	27.155
TOTAL BORROWING		3412.684	1451.49	123.235
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1055.468	873.664	707.604
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		244.093	142.931	137.579
Capital work-in-progress		24.430	82.226	1.347
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	430.138	348.819	0.001
	Sundry Debtors	458.712	403.692	296.743
	Cash & Bank Balances	24.894	28.787	56.755
	Other Current Assets	4.666	5.703	0.000
	Loans & Advances	234.726	219.749	140.230
Total Current Assets		1153.136	1006.750	493.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.139	140.792	99.859
	Other Current Liabilities	65.653	41.457	24.768
	Provisions	141.400	175.995	107.795
Total Current Liabilities		366.192	358.244	232.422
Net Current Assets		786.944	648.506	568.677
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1055.468	873.664	707.604

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2553.577	2158.161	1721.662
		Other Income	13.730	15.331	12.406
		TOTAL (A)	2567.307	2173.492	1734.068
Less	EXPENSES
		Consumption Materials Changes Inventories	1884.596	1589.289	1575.526
		Manufacturing Service Costs	81.736	74.414
		Employee Related Expenses	42.407	34.834
		Administrative Selling Other Expenses	282.006	240.447
		Prior Period Items	0.315	0.055
		TOTAL (B)	2291.060	1939.039	1575.526
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		276.247	234.453	158.542
Less	FINANCIAL EXPENSES (D)		25.244	20.521	20.929
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		251.003	213.932	137.613
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.378	20.387	18.781
	PROFIT BEFORE TAX (E-F) (G)		218.625	193.545	118.832
Less	TAX (H)		68.656	67.247	41.251
	PROFIT AFTER TAX (G-H) (I)		149.969	126.298	77.581
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	26.634	0.000	0.000
	TOTAL EARNINGS		26.634	0.000	0.000
	Earnings Per Share (Rs.)		1500.22	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.84	5.81	4.47
Net Profit Margin (PBT/Sales)	(%)	8.56	8.97	6.90
Return on Total Assets (PBT/Total Assets}	(%)	15.65	16.83	12.66
Return on Investment (ROI) (PBT/Networth)		0.26	0.27	0.20
Debt Equity Ratio (Total Liability/Networth)		0.67	0.73	0.61
Current Ratio (Current Asset/Current Liability)		3.15	2.81	3.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Director, if available	Yes
32]	PAN of Director, if available	No
33]	Voter ID No of Director, if available	No
34]	External Agency Rating, if available	Yes

SALES:

The company's gross sale of Rs.2879.600 Millions for the year reflects a growth of around 20.06% over the previous year. The company continued to expand its dealer network aggressively, covered several new towns for direct representation and with adequate and with adequate resources deployed.

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24222MH1979PLC021670
Name of the company	ESDEE PAINTS LIMITED
Address of the registered office or of the principal place of business in India of the company	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra, India E-mail Id : tkfj49@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80020695
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Thane MCB, G - 5, Akruti SMC Building, Near Khopat Junction, .B.S. Marg, Thane West - 400601, Maharashtra, India E-mail Id : ThaneMCB.RaigadThane@bankofindia.co.in
Nature of instrument creating charge	i) Supplemental Deed of Hypothecation ii) Letter of Charge holder to consolidate hypothecation charge related to stocks and book debts (Both the instrument and the charge holder's letter constituting single modification after consolidation of charges pertaining to book debts and stocks)
Date of instrument Creating the charge	12.10.2011
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3% over Base Rate presently 13.75% p.a. with monthly rest Terms of Repayment on Demand Margin Cash Credit: Stocks 25% and Book Debts up to 90 days 40%. Extent and Operation of the charge Charge of hypothecation to cover increased limit of Cash Credit Facility (Stocks and Book Debts) of Rs.180.000 Millions. It is to extend to movables as secured under two principal deeds of hypothecation dated 7-5-1986 and also subsequent respective supplemental deeds from time to time on 31.10.2001, 17.9.2004, 14.11.2006, 19.2.2008, 20.2.2009, 25.6.2008 (adhoc), 13.4.2010 (last in respect of Stocks) and latest on 6.4.2010 (in respect of B.D) Others Particulars of separate Original charges on book debts and stocks and respective modifications thereof, hitherto filed separately, under charge IDs 80020695 and 80020694 are now being consolidated herein under the charge pertaining to stocks (ID 8002695)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	a) All tangible movable plant, machineries (present and future) whether installed or lying loose or in transit or in or upon premises or godowns b) All tangible movable properties and assets (present and future) including stocks of Raw Materials, such as Paints etc, WIP, finished goods, semi-finished goods, spare arts, components and stock in process wheresoever situate at Thane, Turbhe, Ahmedabad or elsewhere or in transit and particularly described in Part B of Schedule II of the Agreement c) All present and future Book Debts, outstanding moneys, receivables, claims, bills - now / hereafter due and owing or as may become due / owing to company by any persons, firms, company body corporate or Governemnt - Central / any State or its Department or any Municipal or local or public / semi Government body or undertaking or project whatsoever - all to continue to constitute security in terms of two principal deeds ofhypothecation dated 7-5-1986 and subsequent supplemental deeds of hypothecation (stocks) and (Book Debts) respectively resting with last modifications on 13-4-2010 and 6-4-2010.
Date of instrument modifying the charge	13.04.2010
Particulars of the present modification	Security of hypothecation created by separate principal deeds of hypothecation dated 7-5-1986 and later modified from time to time, with last of such modifications being separately securing Demand Cash Credit (Stocks) of Rs.110.000 Millions on 13. 4.2010 and Book Debts of Rs.75.000 Millions on 6-4-2010 (maximum Rs.150.000 Millions), Now By Present Modification : i) is consolidated in terms of Bank's letter to that effect and ii) enhanced to Rs.180.000 Millions, being working capital fund based (stocks and Book Debts) limit.

FIXED ASSETS:

• Lab Equipments
• Weighing Scale
• Electric Installation
• Car and Scooters
• Computers
• Generators
• Air Conditioner
• Factory Building
• Fire Equipments
• Furniture and Fixtures
• Air-Pollution Control Equipments
• Office Equipments
• Truck
• Plant and Machinery
• Godown
• Office Building
• Residential Building
• Land
• Staff Quarters
• Staff Bus
• Factory Equipments
• Fire Hydrant Systems

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 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.54.39
UK Pound	1	Rs.82.04
Euro	1	Rs.69.59

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.