MIRA INFORM REPORT

Report Date :

24.01.2013

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) :	31.03.2012
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 and Exporter of Specialized Paints.
No. of Employees :	36 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 12700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 PARTED BY

Name :	Mr. Mohamed Natiq
Designation :	Accountant
Contact No.:	91-11-45108459
Date :	21.01.2013

LOCATIONS

Registered Office :	C-42, Ganesh Nagar, Pandav Nagar Complex, New Delhi-110092, India
Tel. No.:	91-11-22487133/ 22486213/ 45108459/ 45796601/ 28365462/ 30282288
Mobile No.:	91-9811870999 (Mr. Mohit 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
Factory :	372, 2^nd Floor, F.I.E., Patparganj Industrial Area, Delhi-110092, India
Tel. No.:	91-11-45108459/ 45796601
Fax No.:	91-11-22486126
Location :	Rented

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Virendra Nath Dubey

Designation :

Director

Address :

802, Plot No.17, Express Apartment, Plot No.17, Sector-4, Vaishali - 201010, Uttar Pradesh, India

Date of Birth/Age :

15.07.1958

Date of Appointment :

24.08.2005

DIN No.:

00581244

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS P LTD	Whole-time director	01/04/1999	01/04/1999	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 :

Mrs. Meena Dubey

Designation :

Director

Address :

802, Plot No.17, Express Apartment, Plot No.17, Sector-4, Vaishali - 201010, Uttar Pradesh, India

Date of Birth/Age :

19.05.1959

Date of Appointment :

24.08.2005

DIN No.:

00585449

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS P LTD	Whole-time director	01/04/1999	01/04/1999	Active	NO
2	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	24/08/2005	24/08/2005	Active	NO

Name :

Mr. Naveen Kumar Bhatia

Designation :

Director

Address :

2A, Vaikunth Apartments, 19, Rutland Gate, 4^th Street, Numgambakkam, Chennai-600034, Tamilnadu, India

Date of Birth/Age :

07.09.1951

Date of Appointment :

24.08.2005

DIN No.:

00581159

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24222TN1996PTC034591	PREMIUM COATINGS AND CHEMICALS PRIVATE LIMITED	Managing director	01/12/2008	01/07/1998	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 - 201010, Uttar Pradesh, India

Date of Birth/Age :

06.06.1985

Date of Appointment :

01.10.2009

DIN No.:

01461752

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24222DL2006PTC156874	PEOPLES TECHTRONICS PRIVATE LIMITED	Director	21/12/2006	21/12/2006	01/09/2007	Active	NO
2	U74899DL2005PTC139934	PREMIUM SPECIALITY PAINTS PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohamed Natiq
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Virendra Nath Dubey	2500
Meena Dubey	2500
Naveen Kumar Bhatia	5000
Mohit Dubey	5000
Total	15000

AS ON 26.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Specialized Paints.
Products :	Ø PU Wood Coating Systems of Natural Finish with Natural Fillers Ø PU Sealer Ø Stainer Ø PU Topcoats (Glossy & Matt). PAINTING AND COATING SYSTEMS New Silk Wood System Ø New Silk Wood Sealer Ø New Silk Wood Glossy Ø New Silk Wood Matt Classic Wood System Ø Classic Wood H.S Sealer Ø Classic Wood Glossy Ø Classic Wood Matt Star Wood System Ø Star Wood Sealer Equa Wood SYSTEM PU Stainer
Services :	Ø Polyurethane Wood Coating Services Ø Polyurethane Coatings Services for Metals Ø Polyurethane Coatings Services for Plastics Ø Polyurethane Coatings Services for Glass Ø Polyurethane Wall Coatings Services Ø Polyurethane Novelty Coatings Services
Exports :
Products :	Finished Goods
Countries :	Ø Nepal
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :	Rajdhani Paints Private Limited
Customers :	Dealers and Industries Ø Rishab Traders
No. of Employees :	36 (Approximately)
Bankers :	Ø Axis Bank, Swasthya Vihar Branch, New Delhi, India (Tel No.: 91-11-67074407) Ø Kotak Mahindra Bank, Swasthya Vihar Branch, New Delhi, India

Banking Relations :	--
Auditors :
Name :	PAS Associates Chartered Accountants
Address :	180, Prem Nagar, Bulandshahr – 201301, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAEPG8054C
Associates/Subsidiaries :	Premium Coatings and Chemicals Private Limited, Chennai, Tamilnadu, India

CAPITAL STRUCTURE

AS ON 31.03.2012

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.150	0.150	0.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.032	2.602	1.955
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.182	2.752	2.105
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.717	0.000	0.000
TOTAL BORROWING		1.717	0.000	0.000
DEFERRED TAX LIABILITIES		0.044	0.038	0.029
TOTAL		4.943	2.790	2.134
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.854	1.118	0.875
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.569	3.932	3.999
	Sundry Debtors	14.252	13.239	7.665
	Cash & Bank Balances	0.700	0.155	0.710
	Other Current Assets	0.743	0.000	0.000
	Loans & Advances	0.767	0.754	1.194
Total Current Assets		24.031	18.080	13.568
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.888	14.820	12.262
	Other Current Liabilities	3.854	1.305	0.032
	Provisions	0.200	0.283	0.194
Total Current Liabilities		20.942	16.408	12.488
Net Current Assets		3.089	1.672	1.080
MISCELLANEOUS EXPENSES		0.000	0.000	0.179
TOTAL		4.943	2.790	2.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	65.973	62.194	31.697
		Other Income	2.019	1.514	3.099
		TOTAL (A)	67.992	63.708	34.796
Less	EXPENSES
		Cost of material consumed	0.151	0.000
		Purchase of stock in trade	55.446	50.791
		Changes in inventories of finished goods work in progress and stock in trade	(2.401)	0.067
		Employee benefit Expenses	3.977	3.115
		Other Expenses	9.596	8.572
		TOTAL (B)	66.769	62.545	33.983
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.223	1.163	0.813
Less	FINANCIAL EXPENSES (D)		0.251	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.972	1.163	0.813
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.336	0.222	0.193
	PROFIT BEFORE TAX (E-F) (G)		0.636	0.941	0.620
Less	TAX (H)		0.205	0.294	0.189
	PROFIT AFTER TAX (G-H) (I)		0.431	0.647	0.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.602	1.955	1.524
	BALANCE CARRIED TO THE B/S		3.033	2.602	1.955
	Earnings Per Share (Rs.)		28.71	43.10	28.71

Expected Sales (2012-2013): Rs. 70.000 Millions

The above information has been parted by Mr. Mohamed Natiq (Accountant)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.63	1.02	1.24
Net Profit Margin (PBT/Sales)	(%)	0.96	1.51	1.96
Return on Total Assets (PBT/Total Assets}	(%)	2.46	4.90	4.29
Return on Investment (ROI) (PBT/Networth)		0.20	0.34	0.29
Debt Equity Ratio (Total Liability/Networth)		7.12	5.96	5.93
Current Ratio (Current Asset/Current Liability)		1.15	1.10	1.09

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks
Term loan	1.717	0.000
Total	1.717	0.000

FINANCIAL RESULTS AND DIVIDEND

During the year, the company engaged in trading and manufacturing activities. The company achieved good volume of turnover and it increased by 6.72% in comparison of previous year. In anticipation of good business client, the company opened a new office in Patparganj industrial area, Delhi and started manufacturing activity in Sikandrabad U.P. and invested funds in fixed asset of company, for this investment company took a loan from a private Bank. The net profit of current year mainly has reduced by Interest, depreciation, rental cost and electricity expenses of new offices.

To considering the future prospect and working capital requirements, yours Directors regret to declare any dividend during the year.

TRADE REFERENCE:

Ø Rishab Traders

Ø Rajdhani Paints Private Limited

FIXED ASSETS:

Ø Furniture and Fixtures

Ø Computer

Ø Office Equipments

Ø 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 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 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. 53.77
UK Pound	1	Rs. 85.14
Euro	1	Rs. 71.57

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.