MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	AKARSH PAINT PRIVATE LIMITED
Registered Office :	216 Textool Layout Nanda Nagar East, Singanallur, Coimbatore – 641005, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.08.2004
Com. Reg. No.:	18-011265
Capital Investment / Paid-up Capital :	Rs. 0.250 Million
CIN No.: [Company Identification No.]	U24222TZ2004PTC011265
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Powder Coating Paints.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 4000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Profit and loss statement as on 2011-12 is not made available to us. As per available financials of 2012, there appears huge external borrowings. However, trade relations are fair. Business is active. Payment terms are reported as slow. The company can be considered for small and mediocre business dealings with great 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 – 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 :	216 Textool Layout Nanda Nagar East, Singanallur, Coimbatore – 641005, Tamilnadu, India
Tel. No.:	91-422-2571808
Fax No.:	Not Available
E-Mail :	abhai@eth.net
Factory:	13/1 Trichy Road, Singanallur, Coimbatore Tamilnadu, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Krishnamoorthy Sivakumar

Designation :

Director

Address :

A – 402, Swasthya Sadan, 8th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

19.05.1971

Date of Appointment :

10.08.2004

DIN No.:

01937200

Name :

Ms. Padmapriya

Designation :

Director

Address :

A – 402, Swasthya Sadan, 8th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Appointment :

10.08.2004

DIN No.:

01937221

Name :

Mr. Kirit Panachand Vora

Designation :

Director

Address :

A – 402, Swasthya Sadan, 8th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

22.01.1951

Date of Appointment :

10.08.2004

DIN No.:

00232553

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	U26102MH1991PTC062474	SUPREME FIBRE GLASS PRIVATE LIMITED	Director	12/07/1991	12/07/1991	01/06/2009	Active	NO
2	U24222TZ2004PTC011265	AKARSH PAINT PRIVATE LIMITED	Director	05/10/2012	10/08/2004	-	Active	NO
3	U24100MH2005PTC152931	METRIT CHEMICALS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2013

Names of Shareholders	No. of Shares
Prachi Kirit Vora	6250
B Padmapriya	6250
Krishnamoorthy Sivakumar	6250
Kirit Panachand Vora	6250
Total	25000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Powder Coating Paints.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citi Bank

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loan
From Bank/Institutions – Citi Bank	0.000	0.152
Loan Repayable on Demand
From Bank – ICICI Bank OD	0.017	0.000
Total	0.017	0.152

Banking Relations :	--
Auditors :
Name :	R Kannan and Associates Chartered Accountants
Address :	33 Devanga High School Road, RS Puram, Coimbatore – 641002, Tamilnadu, India
PAN No.:	AADFR5925N

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.10/- each	Rs. 0.250 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.10/- each	Rs. 0.250 Million

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	0.250	0.250
(b) Reserves & Surplus	0.680	0.515
(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	6.435	6.587
(b) Deferred tax liabilities (Net)	0.035	0.035
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	0.017	0.000
(b) Trade payables	5.947	3.499
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	2.119	1.792
TOTAL	15.483	12.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.067	1.223
(ii) Intangible Assets	0.000	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)	0.000	0.000
(d) Long-term Loan and Advances	0.274	0.271
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.836	2.931
(c) Trade receivables	7.425	6.309
(d) Cash and cash equivalents	1.789	1.866
(e) Short-term loans and advances	0.092	0.078
(f) Other current assets	0.000	0.000
TOTAL	15.483	12.678

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.250
2] Share Application Money		0.000
3] Reserves & Surplus		0.364
4] (Accumulated Losses)		0.000
NETWORTH		0.614
LOAN FUNDS
1] Secured Loans		0.347
2] Unsecured Loans		4.435
TOTAL BORROWING		4.782
DEFERRED TAX LIABILITIES		0.036
TOTAL		5.432
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.407
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.708
	Sundry Debtors	6.818
	Cash & Bank Balances	0.254
	Other Current Assets	0.000
	Loans & Advances	0.335
Total Current Assets		10.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.704
	Other Current Liabilities	2.344
	Provisions	0.042
Total Current Liabilities		6.090
Net Current Assets		4.025
MISCELLANEOUS EXPENSES		0.000
TOTAL		5.432

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	NA	18.760	15.833
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	18.353	15.483
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.402	0.407	0.350
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.156	0.184	0.216
	PROFIT BEFORE TAX (E-F) (G)		0.246	0.223	0.134
Less	TAX (H)		0.082	0.072	0.042
	PROFIT AFTER TAX (G-H) (I)		0.164	0.151	0.092
	Earnings Per Share (Rs.)		6.56	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.80	0.58
Return on Total Assets (PBT/Total Assets}	(%)	1.59	1.76	1.32
Return on Investment (ROI) (PBT/Networth)		0.26	0.29	0.22
Debt Equity Ratio (Total Debt /Networth)		6.94	8.61	7.79
Current Ratio (Current Asset/Current Liability)		1.75	2.11	1.66

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 two 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

GENRAL INFORMATION

The Company is doing Manufacturing of Powder coating Paints and having manufacturing facility in Coimbatore.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and Advances from related parties	6.435	6.435
Total	6.435	6.435

FIXED ASSETS

· Land

· Plant and Machinery

· Furniture’s and Fixtures

· Office Equipment

· Computer and Accessories

· TVS XL Moped

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 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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.