MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	ADMARK POLYCOATS PRIVATE LIMITED (w.e.f. 06.09.2006)
Formerly Known As :	ADMARC POLYCOATS PRIVATE LIMITED
Registered Office :	Survey No. 207, Village Luna, Taluka Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.07.2002
Com. Reg. No.:	04-040987
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U24224GJ2002PTC040987
TAN No.: [Tax Deduction & Collection Account No.]	BRDA00820B
PAN No.: [Permanent Account No.]	AADCA7427K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all kinds of Epoxy – Hardeners, Specially Epoxy Resins and Epoxy Diluents.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 710500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are 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 – 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

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. Paresh
Designation :	Accounts Department
Contact No.:	91-2662-221586
Date :	10.05.2013

LOCATIONS

Registered Office/ Factory :	Survey No. 207, Village Luna, Taluka Padra, Vadodara – 391440, Gujarat, India
Tel. No.:	91-2662-221587
Fax No.:	91-2662-225187 91-265-2337022
E-Mail :	paresh@admarkpolycoats.com info@admarkpolycoats.com maildeveshpathak@rediffmail.com accounts@admarkpolycoats.com
Website :	http://www.admarkpolycoats.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Bharat Punjalal Chokshi

Designation :

Director

Address :

22, Shanti Nagar Society, Dinesh Mill Road, Akota, Vadodara – 390 020, Gujarat, India

Date of Birth/Age :

08.05.1958

Date of Appointment :

22.07.2002

DIN No.:

00111725

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	U74999GJ1988PTC010350	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
2	U24224GJ2002PTC040987	ADMARK POLYCOATS PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
3	U25200GJ2010PTC062731	NANOVATION PRODUCTS PRIVATE LIMITED	Additional director	27/11/2010	27/11/2010	-	Active	NO

Name :

Ms. Anita Bharat Chokshi

Designation :

Director

Address :

22 A, Shanti Nagar Society, Dinesh Mill Road, Akota, Vadodara – 390 020, Gujarat, India

Date of Birth/Age :

20.11.1961

Date of Appointment :

15.07.2007

DIN No.:

01654486

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	U74999GJ1988PTC010350	GRAND POLYCOATS COMPANY PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
2	U24224GJ2002PTC040987	ADMARK POLYCOATS PRIVATE LIMITED	Director	15/07/2007	15/07/2007	-	Active	NO

Name :

Mr. Kirtikumar Narayan Aras

Designation :

Additional Director

Address :

3/151, Shrikrishna Darshan, Garodia Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

29.07.1939

Date of Appointment :

31.07.2009

DIN No.:

02659069

KEY EXECUTIVES

Name :	Mr. Paresh
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Bharat Chokshi and Family Trust, India	709100
Aditi Bharat Chokshi	50000
Amishi Bharat Chokshi	50000
Ankur Bharat Chokshi	190900
Total	1000000

As on 29.09.2012

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 all kinds of Epoxy – Hardeners, Specially Epoxy Resins and Epoxy Diluents.
No. of Employees :	40 (Approximately)
Products :	Epoxy Hardeners Phenalkamine Phenalkamine Adducts Penalkamides Polyamides Polyamides Adducts Polyamido Amines Cycioaliphatic Amine Reactive and Non-Reactive Diluents based on Cardanol Residol
Exports :
Products :	Finished Goods
Countries :	UK USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Epoxy hardener	M.T.	NA	7000	5165
Total		NA	7000	5165

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

40 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• Union Bank of India, Sayajgunj, Vadodara – 390005, Gujarat, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Working Capital Loan from Bank	15.135	20.062
Total	15.135	20.062

Note: Working capital Loans from bank are secured by way of first charge of immovable properties of the company inventories and personal guarantee of directors.

Banking Relations :	-
Auditors :
Name :	Parikh Mehta and Associates Chartered Accountants
Address :	Happy Home Apartment No.2, 10, Sampatrao Colony, R.C. Dutt Road, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-6581665/ 2338100
Mobile No.:	91-9426019863
Fax No.:	91-265-3057834/ 3057834
Income-tax PAN of auditor or auditor's firm :	ACGPM6009B
Associates :	Grand Polycoats Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 millions
160000	12% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.16.000 millions
	Total		Rs.27.500 millions

Issued, Subscribed & Paid-up Capital :

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

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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		167.625	119.529	77.383
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.625	129.529	87.383
LOAN FUNDS
1] Secured Loans		15.135	20.062	8.132
2] Unsecured Loans		0.000	31.611	28.529
TOTAL BORROWING		15.135	51.673	36.661
DEFERRED TAX LIABILITIES		5.739	4.657	3.400
TOTAL		198.499	185.859	127.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.893	65.220	54.938
Capital work-in-progress		0.000	0.653	10.563
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.001	28.694	36.940
	Sundry Debtors	134.963	177.935	83.829
	Cash & Bank Balances	36.696	13.307	23.865
	Other Current Assets	0.382	0.200	0.000
	Loans & Advances	14.086	7.505	9.108
Total Current Assets		212.128	227.641	153.742
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.101	94.114	78.490
	Other Current Liabilities	7.307	11.172	3.664
	Provisions	5.114	2.369	9.645
Total Current Liabilities		84.522	107.655	91.799
Net Current Assets		127.606	119.986	61.943
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		198.499	185.859	127.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	587.249	585.808	404.345
		Other Income	17.835	7.205	0.228
		TOTAL (A)	605.084	593.013	404.573
Less	EXPENSES
		Cost of material consumed	412.300	414.671
		Changes in inventories if finished goods, work-in-progress and traded goods	(0.351)	(0.110)
		Employee benefit expenses	13.815	9.221
		Other expenses	100.083	103.208
		TOTAL (B)	525.847	526.990	330.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.237	66.023	73.664
Less	FINANCIAL EXPENSES (D)		3.318	4.931	5.924
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.919	61.092	67.740
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.559	3.287	2.123
	PROFIT BEFORE TAX (E-F) (G)		72.360	57.805	65.617
Less	TAX (H)		24.265	15.658	13.491
	PROFIT AFTER TAX (G-H) (I)		48.095	42.147	52.126
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		88.745	46.598	5.535
	APPROPRIATIONS
		Dividend	0.000	0.000	5.000
		Tax on Dividend	0.000	0.000	0.850
		Transfer to General Reserve	0.000	0.000	5.213
		Transfer to preference share redemption reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		136.840	88.745	46.598
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	527.068	531.401	357.543
	TOTAL EARNINGS		527.068	531.401	357.543
	IMPORTS
		Raw Materials	175.418	184.318	130.718
		Capital Goods	0.000	0.946	0.000
	TOTAL IMPORTS		175.418	185.264	130.718
	Earnings Per Share (Rs.)		48.10	42.15	46.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.45	7.11	12.88
Net Profit Margin (PBT/Sales)	(%)	12.32	9.87	16.23
Return on Total Assets (PBT/Total Assets}	(%)	25.57	19.74	31.44
Return on Investment (ROI) (PBT/Networth)		0.41	0.45	0.75
Debt Equity Ratio (Total Debt /Networth)		0.85	0.40	0.42
Current Ratio (Current Asset/Current Liability)		2.50	2.11	1.07

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loans and advances from related parties	0.000	31.611
Total	0.000	31.611

FUTURE OUTLOOKS:

It is expected that the company will register substantial growth in coming year. The company has built up a solid foundation and it will scale greater heights in the years to come.

FIXED ASSETS:

• Land and Building
• Plant and machinery
• Computer Equipments
• Furniture and Fixture
• Office Equipments

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. 54.77
UK Pound	1	Rs. 83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.