MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	JK COIL COATINGS PRIVATE LIMITED w.e.f 29.04.2009
Formerly Known As :	DURA COIL COATINGS PRIVATE LIMITED
Registered Office :	Neel Siddhi Enclave-Comm. Complex, Plot No.48/9, Sector-14, Vashi, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.08.2006
Com. Reg. No.:	11-163629
Capital Investment / Paid-up Capital :	Rs. 58.350 Millions
CIN No.: [Company Identification No.]	U24222MH2006PTC163629
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of industrial paints.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 70000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financial for the year 2014 with the government department. As per registrar of companies the date of balance sheet i.e, financials filed is shown as 31^st March, 2013 but the documents related to the financials for year 2012 and 2013 are not any sources. As per available financial of 2011, the company has incurred a loss from its operations. However, trade relation are fair. Business is active. Payment terms are reported be unknown. The company can be considered for business dealings with some cautions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Divulged

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajendra Parab
Designation :	Vice President Finance
Contact No.:	91-27800025
Date :	11.12.2014

LOCATIONS

Registered Office / Head Office :	Neel Siddhi Enclave-Comm.Complex, Plot No.48/9, Sector-14, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-40705858
Mobile No.:	Not Available
Fax No.:	91-22-27800025
E-Mail :	Rajendra.parab@jksc.in
Website :	http://www.jkcc.in
Location :	Owned
Factory :	Mandad (Atkargaon), Khoploli-Adoshi Road, Tai-Khaiapur, Dist. Raigad-410203, Maharashtra, India
Tel. No.:	91-2192-300000
Fax No.:	91-2192-300006

DIRECTORS

As on 31.03.2013

Name :	Mr. Ajay Sagar
Designation :	Director
Address :	Flat No. 1002, 10^th Floor, Building No. 22, Seawoods Estate Limited, Nri Complex, Nerul, Navi Mumbai-400706, Maharashtra, India
Date of Birth/Age :	12.02.1959
Date of Appointment :	07.08.2006
DIN No.:	01856339
Name :	Mr. Sanjiv Thakur
Designation :	Director
Address :	Flat No. 303, 10^th Floor, Building No. 2, Seawoods Estate Limited, Nri Complex,Sector – 54/56/58, Nerul, Navi Mumbai-400706, Maharashtra, India
Date of Birth/Age :	04.12.1964
Date of Appointment :	07.08.2006
DIN No.:	01185718

KEY EXECUTIVES

Name :	Mr. Rajendra Parab
Designation :	Vice President Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Names of Shareholders	No. of Shares
Mr. Ajay Sagar	1948400
Mr. Sanjiv Thakur	1948400
JK Surface Coatings Private Limited, India	1938200
Mr. Sunil Chaudhary	10
Total	5835010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	33.22
Directors or relatives of Directors	66.77
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of industrial paints.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China Malaysia Korea Taiwan
Terms :
Selling :	Cash and Credit (30 ---- Days)
Purchasing :	Cash and Credit (30 ---- Days)

GENERAL INFORMATION

Suppliers :

Reference :	Arkema Chemicals India Private Limited
Name of the Person :	Mr. Hemant (Sales Director)
Contact No.:	91-9820038341
Since How Long Known :	2008
Experience :	Very good, their product quality is best even when their payment comes late they have proper reason and they are regularly touch with us. They do honest and clean business and they have grown is very short period of time.
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Bhushan Steel Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

55 (Approximately)

Bankers :

Banker Name :	Andhra Bank
Branch Address :	116, Surabh, Andheri – Kurla Road, Andheri East, Mumbai- 400059
Facilities :	Not Divulged
Person Name :	Mr. Aditya
Contact No.:	91-22-28366860
Name of Account Holder	JK Coil Coating Private Limited
Account Number	00281304900017
Account Since (Date/Year of Account Opening)	2008
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs.210.000 millions (Fund and Non-Fund)
Account Operation	Satisfactory
Remarks (If any)	Account is good, no such negative point.

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2011	As on 31.03.2010
Rupee term loans from bank	87.965	94.161
Loan taken for vehicles	4.047	4.605
Total	92.012	98.766

Auditors :
Name :	Harsh Ladda and Company Chartered Accountant
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	JK Surface Coating Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5835010	Equity Shares	Rs.10/- each	Rs.58.350 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000	33.020
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		33.960	0.000
4] (Accumulated Losses)		(59.488)	(19.859)
NETWORTH		24.472	13.161
LOAN FUNDS
1] Secured Loans		92.012	98.766
2] Unsecured Loans		7.895	41.942
TOTAL BORROWING		99.907	140.708
DEFERRED TAX LIABILITIES		1.117	1.327
TOTAL		125.496	155.196
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.645	102.029
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.188	64.883
	Sundry Debtors	47.714	42.991
	Cash & Bank Balances	1.608	1.058
	Other Current Assets	15.884	15.784
	Loans & Advances	4.988	3.503
Total Current Assets		137.382	128.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	106.290	74.820
	Provisions	0.474	0.414
Total Current Liabilities		106.764	75.234
Net Current Assets		30.618	52.985
MISCELLANEOUS EXPENSES		0.233	0.182
TOTAL		125.496	155.196

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		TOTAL	N.A	N.A
Less	EXPENSES
		TOTAL	N.A	N.A
	PROFIT BEFORE TAX		N.A	N.A
Less	TAX		N.A	N.A
	PROFIT AFTER TAX		39.629	N.A
	Earnings Per Share (Rs.)		6.79	--

Particulars	31.03.2014
Sales Turnover (Approximately)	730.000

Expected Sales (2014-15) : Rs.730.000 millions

The above information has been parted by Mr. Rajendra Parab (Vice President of Finance )

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	4.08	10.69
Current Ratio (Current Asset/Current Liability)	1.28	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	33.020	50.000
Reserves & Surplus	0.000	33.960
Net worth	33.020	83.960
Secured Loans	98.766	92.012
Unsecured Loans	41.942	7.895
Total borrowings	140.708	99.907
Debt/Equity ratio	4.261	1.190

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	No
12]	Profitability for last two 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	No
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

Note:

Registered office of the company has been shifted from 762, Ahura No.1, Ground Floor, Joshi Road, Parsee Colony, Dadar West, Mumbai, Maharashtra, India 400019, India to the present address w.e.f.22.04.2009

UNSECURED LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2011	As on 31.03.2010
Loans directors	7.484	9.094
Other debt	0.411	32.848
Total	7.895	41.942

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10368335	27/06/2012	4,000,000.00	ANDHRA BANK	116, SAURABH, ANDHERI-KURLA ROAD, ANDHERI EAST, MUMBAI, Maharashtra - 400093, INDIA	B44819969
2	10202653	20/01/2010	7,000,000.00	ANDHRA BANK	ANDHERI-KURLA ROAD,, ANDHERI-EAST, MUMBAI, Maharashtra - 400093, INDIA	A79337317
3	10080229	06/03/2014 *	420,800,000.00	ANDHRA BANK	116, SAURABH, ANDHERI-KURLA ROAD, ANDHERI EAST, MUMBAI, Maharashtra - 400059, INDIA	B98599079

* Date of charge modification

FIXED ASSETS

• Motor car
• Furniture and fixture
• Office Equipment
• Plant and machinery
• Building
• Computers

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.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RSM
Report Prepared by :	JYTK

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	2
--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	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.