MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	GOA PAINTS AND ALLIED PRODUCTS PRIVATE LIMITED
Registered Office :	1^st Floor, Dempo Trade Centre, EDC Complex, Patto, Panaji – 403001, Goa – 403001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.03.2005
Com. Reg. No.:	24-003951
Capital Investment / Paid-up Capital :	Rs. 2.400 Millions
CIN No.: [Company Identification No.]	U24222GA2005PTC003951
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Marine and Industrial Coatings.
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 190000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the turnover and profits during 2012. However, trade relations are reported as fair. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

LOCATIONS

Registered Office / Head Office :	1^st Floor, Dempo Trade Centre, EDC Complex, Patto, Panaji – 403001, Goa – 403001, India
Tel. No.:	91-832-2437812/13
Fax No.:	91-832-2437814
E-Mail :	goapaints@goapaints.net khapne@goapaints.net
Website :	http://www.goapaints.net
Factory :	Plot No. 280, Kundaim Industrial Estate, Kundaim, Kundaim-Goa, Goa- 403115, India
Tel. No.:	91-832-2395584/01/63
Branch Office :	Located At Ahmedabad Mumbai Hubli

DIRECTORS

As on 28.09.2012

Name :

Mr. Jaiprakash Vaikunthrao Dempo

Designation :

Managing Director

Address :

130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India

Date of Birth/Age :

27.07.1948

Date of Appointment :

31.03.2005

DIN No.:

00081442

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	U24222GA2005PTC003951	GOA PAINTS AND ALLIED PRODUCTS PRIVATE LIMITED	Managing director	31-03-05	31-03-05	-	Active	NO
2	U31200GA1965PTC000054	DEMPO PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Whole-time director	25-08-12	25-08-12	-	Active	NO

Name :

Mr. Padmini Jaiprakash Dempo

Designation :

Director

Address :

130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India

Date of Birth/Age :

16.08.1954

Date of Appointment :

08.10.2005

DIN No.:

00079487

Name :

Mr. Anirudh Jaiprakash Dempo

Designation :

Director

Address :

130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India

Date of Birth/Age :

26.04.1985

Date of Appointment :

25.09.2009

DIN No.:

02797777

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Jaiprakash Vaikunthrao Dempo	239999
Padmini Jaiprakash Dempo	1
Total	240000

As on 28.09.2012

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 Supplier of Marine and Industrial Coatings. 

Products :

Product Description	ITEM Code
Natural Resin Enamels	320820.03

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Mathias Plaza, Panaji - 403001, Goa, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
Secured loan - Cash Credit from a Bank (Secured by hypothecation of Inventories, Book Debts and Plant and machinery )	0.281	1.209
Overdrawn - Current Account	0.000	0.004
Total	0.281	1.213

Banking Relations :
Auditors :
Name :	S.J. Thally and Company Chartered Accountants
Address :	112, First Floor, Govinda Building, M.G. Road, Panaji, Goa – 403001, India
Tel. No.:	91-832-2422543 / 2228223
Fax No.:	91-832-2228223
E-Mail :	thalygoa@sift.com
PAN No.:	AAFFS8177H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.400	2.400
(b) Reserves & Surplus	47.545	39.313
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.735	0.882
(4) Current liabilities
(a) Short term borrowings	0.281	6.213
(b) Trade payables	10.907	12.487
(c) Other current liabilities	5.144	4.961
(d) Short-term provisions	16.931	14.086
TOTAL	83.943	80.342
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.510	9.245
(ii) Intangible Assets	0.072	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.458	0.467
(d) Long-term Loan and Advances	0.004	0.007
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	1.602	2.500
(b) Inventories	22.890	23.376
(c) Trade receivables	28.023	26.801
(d) Cash and cash equivalents	3.662	2.637
(e) Short-term loans and advances	17.722	15.309
(f) Other current assets	0.000	0.000
TOTAL	83.943	80.342

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.400
2] Share Application Money		0.000
3] Reserves & Surplus		26.252
4] (Accumulated Losses)		0.000
NETWORTH		28.652
LOAN FUNDS
1] Secured Loans		7.152
2] Unsecured Loans		10.000
TOTAL BORROWING		17.152
DEFERRED TAX LIABILITIES		0.000
TOTAL		45.804
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.613
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.450
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.066
	Sundry Debtors	25.199
	Cash & Bank Balances	1.005
	Other Current Assets	0.000
	Loans & Advances	15.616
Total Current Assets		69.886
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.924
	Other Current Liabilities	8.357
	Provisions	14.864
Total Current Liabilities		34.145
Net Current Assets		35.741
MISCELLANEOUS EXPENSES		0.000
TOTAL		45.804

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	107.352	129.590	116.990
		Other Income
		TOTAL (A)	107.352	129.590	116.990
Less	EXPENSES
		Office Expenses
		Administrative Expenses		108.399	98.538
		Advertising Expenses
		TOTAL (B)	95.010 (Including Financial and Depreciation Expenses)	108.399	98.538
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			21.191	18.452
Less	FINANCIAL EXPENSES (D)			0.195	0.259
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			20.996	18.193
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.417	1.275
	PROFIT BEFORE TAX (E-F) (G)		12.342	19.579	16.918
Less	TAX (H)		4.109	6.517	5.863
	PROFIT AFTER TAX (G-H) (I)		8.233	13.062	11.055
	Earnings Per Share (Rs.)		34.30	54.42	46.06

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.67	10.08	9.44
Return on Total Assets (PBT/Total Assets}	(%)	14.78	24.51	21.28
Return on Investment (ROI) (PBT/Networth)		0.25	0.47	0.59
Debt Equity Ratio (Total Debt /Networth)		0.01	0.15	0.60
Current Ratio (Current Asset/Current Liability)		2.22	1.87	2.05

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	No
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	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 LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
From Director	0.000	5.000
Total	0.000	5.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24222GA2005PTC003951
Name of the company	GOA PAINTS AND ALLIED PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^st Floor, Dempo Trade Centre, EDC Complex, Patto, Panaji – 403001, Goa – 403001, India khapne@goapaints.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90076542
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Mathias Plaza, Panaji - 403001, Goa, India managercb0308@canarabank.com
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	07.01.2013
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment As per agreement Margin As per agreement Extent and Operation of the charge Hypothecation of Plant and Machinery of the company existing and future installed or to be installed at the Plot No. 280, Kundaim IDC, Goa-403115 or any other factory premises of the company or lying at any other place whosoever or in respect of which the borrower can make or effect or purport to make any deposit, hypothecation or charge whether the goods are in the course of transit from one godown to another, in transit by land or sea from one place to another and whether in the possesion etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all stock of RM, W.I.P, Stores and Spares, P M, Finished Goods now lying or hereinafter stored Plot No.280, Kundaim, Goa-403115, goods in transit and all book debts/ receivables.
Date of instrument modifying the charge	13.10.2011
Particulars of the present modification	Nature of Facility Exsiting Limits Modified Limits OCC/ODBD 50.00 20.00 CDB/SDB/BE 10.00 0.00 ILC/FLC (DP/DA) 55.00 40.00 BG 50.00 40.00 ================================= 165.00 100.00

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.