MIRA INFORM REPORT

Report No. :	309234
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED
Registered Office :	C-1B/85, GIDC, Waghodia, District Vadodara - 391760, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.10.1986
Com. Reg. No.:	04-009087
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U25209GJ1986PTC009087
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01025D
PAN No.: [Permanent Account No.]	AABCP2646M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Concentra Colour Concentrates and Thermoplastics.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profit margin of the company is fair. However, liquidity position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 AVAILABLE

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 (GENERAL DETAILS)

Name :	Mr. Karan Desai
Designation :	Executive Commercial
Contact No.:	91-9227125551
Date :	23.02.2015

LOCATIONS

Registered Office / Factory 1 :	C-1B/85, GIDC, Waghodia, District Vadodara - 391760, Gujarat, India
Tel. No.:	91-2668-26332
Fax No.:	Not Available
E-Mail :	office@perfectcolourants.com
Website :	www.perfectcolourants.com
Location :	Owned
Factory 2 :	Plot No.4, Daman Industrial Estate (Somnath Industrial Estate), Somnath Road, Daman, Daman and Diu, India
Factory 3 :	Plot No.7, Golden Industrial Estate (Somnath Industrial Estate), Somnath Road, Daman, Daman and Diu, India
Marking Office / Branch Office :	303, PG Square, Near Tube Company, Old Padra Road, Vadodara - 390020, Gujarat, India
Tel. No.:	91-265-6507399 / 6457499
Fax No.:	91-265-2357208
E-Mail :	info@perfectcolourants.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Madanmohan Siremal Humad

Designation :

Director

Address :

27, Chinarwood Society, Rkoja Road, Vadodara - 390018, Gujarat, India

Date of Appointment :

16.10.1986

DIN No.:

00028925

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	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	16/10/1986	16/10/1986	-	Active	NO
2	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17/11/2000	17/11/2000	-	Active	NO

Name :

Mr. Bhupendrakumar Siremal Humad

Designation :

Director

Address :

801, Prakash, 66, Swastic Society, 5th Road, JVPD, Vile Parel, Mumbai-400056, Maharashtra, India

Date of Appointment :

04.01.1995

DIN No.:

00786033

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	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
2	U27300MH1989PTC052155	PRAFUL METAL WORKS PRIVATE LIMITED	Director	10/05/2000	10/05/2000	16/03/2009	Active	NO
3	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17/11/2000	17/11/2000	-	Active	NO
4	U27101GJ1990PTC014654	PREMIUM POLYALLOYS PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
5	U36990AS2009PTC008956	PREMIUM GRANULES PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO

Name :

Mr. Rupen Madanmohan Humad

Designation :

Director

Address :

Plot No 27, Chinar Wood Society, Near Taj Residency Hotel, Akota Road, Vadodara - 390020, Gujarat, India

Date of Birth/Age :

10.05.1989

Date of Appointment :

02.12.2013

DIN No.:

06750383

KEY EXECUTIVES

Name :	Mr. Karan Desai
Designation :	Executive Commercial

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Madanmohan Siremal Humad	22375
Rekha Humad	44050
M S Humad HUF	33390
Saroj Humad	1400
Rikta Sethi	5720
Rupen Humad	18065
Total	125000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Concentra Colour Concentrates and Thermoplastics.

Products :

Product Description	Item Code No. (ITC Code)
Colour Concentrate based on Inorganic Pigments Preparation	32061900
Colour Concentrate based on Organic Pigments Preparation	32041900

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• Gulf Countries

Imports :

Products :

Raw Material

Countries :

• China
• Singapore

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sudarshan Chemical Limited, Pune, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Garware Wall Ropes Limited, Pune, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-265-3926566
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loan	2.167	4.167
SHORT TERM BORROWINGS
Cash Credit Facility	36.645	37.619
Total	38.812	41.786

Auditors :
Name :	Lalit R Metha and Associates Chartered Accountants
Address :	Prasana House, Akota, Vadodara – 390015, Gujarat, India
PAN No.:	AAUPM0018Q
Memberships :	--
Collaborators :	--
Sister Concern :	Premium Ployalloys (SA) Pty Limited Sun Spectratech Limited Praful Metal Works Private Limited Permier Polyalloys Pragya Flexfilm Industries

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs.12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500	12.500
(b) Reserves & Surplus	119.446	112.387	102.327
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	131.946	124.887	114.827
(3) Non-Current Liabilities
(a) long-term borrowings	13.813	14.228	5.990
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.813	14.228	5.990
(4) Current Liabilities
(a) Short term borrowings	36.645	37.619	41.641
(b) Trade payables	67.810	59.931	42.824
(c) Other current liabilities	2.503	1.971	0.718
(d) Short-term provisions	8.127	9.676	13.119
Total Current Liabilities (4)	115.085	109.197	98.302
TOTAL	260.844	248.312	219.119
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.153	19.100	22.057
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.633	5.965	4.578
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.339	5.073	9.096
(c) Deferred tax assets (net)	0.384	0.739	0.421
(d) Long-term Loan and Advances	0.201	0.174	0.174
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.710	31.051	36.326
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	92.644	81.001	74.305
(c) Trade receivables	97.619	100.624	74.474
(d) Cash and cash equivalents	5.105	4.443	3.729
(e) Short-term loans and advances	35.766	31.193	30.285
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	231.134	217.261	182.793
TOTAL	260.844	248.312	219.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	519.055	464.676	376.089
Less	EXPENSES		503.787	446.095	360.045
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.268	18.581	16.044
Less	DEPRECIATION/ AMORTISATION		4.554	4.777	4.640
	PROFIT/(LOSS) BEFORE TAX		10.714	13.804	11.404
Less	TAX		3.655	3.744	3.122
	PROFIT/(LOSS) AFTER TAX		7.059	10.060	8.282
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.887	100.827	92.545
	BALANCE CARRIED TO THE B/S		117.946	110.887	100.827
	Earnings / (Loss) Per Share (Rs.)		56.47	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.29	5.84	5.56
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.10
Debt Equity Ratio (Total Debt /Networth)		0.38	0.42	0.41
Current Ratio (Current Asset/Current Liability)		2.01	1.99	1.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	12.500	12.500	12.500
Reserves & Surplus	102.327	112.387	119.446
Share Application money pending allotment	0.000	0.000	0.000
Net worth	114.827	124.887	131.946
Long Term borrowings	5.990	14.228	13.813
Short Term borrowings	41.641	37.619	36.645
Total borrowings	47.631	51.847	50.458
Debt/Equity ratio	0.415	0.415	0.382

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	376.089	464.676	519.055
		23.555	11.703

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	376.089	464.676	519.055
Profit	8.282	10.060	7.059
	2.20%	2.16%	1.36%

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	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:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans from shareholder and relatives	3.793	3.454
Loans from directors	7.853	6.607
Total	11.646	10.061

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517924	21/07/2014	15,000,000.00	HDFC Bank Limited	HDFC Bank House, Senapati Bapat Marg, Lower Parel, West, Mumbai, Maharashtra - 400013, India	C19106160
2	90112985	18/06/2014 *	95,000,000.00	HDFC Bank Limited	HDFC Bank House, Senapati Bapat Marg, Lower Parel, West, Mumbai, Maharashtra - 400013, India	C15587959
3	90112615	11/08/2004 *	24,800,000.00	Corporation Bank	Dendia Bazar Branch, Vadodara, Gujarat - 390001, India	-
4	90107811	26/04/2000	4,500,000.00	Maharashtra State Financial Corpn.	New Excelsior Building, 5th; 7th; 8th And 9th Flo  Ors; Amrit Keshav Nayak, Gujarat, Gujarat, India	-
5	90112584	24/03/2000	8,000,000.00	Sbi Factors And Commercial Services	B. B. C. Towers, 1st Floor; Sayajigunj, Vadodara, Gujarat - 390005, India	-
6	90112548	01/12/1999	305,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
7	90112541	14/10/1999	333,300.00	Canara Bank	Raopura Branch, Vadodara, Gujarat - 390001, India	-
8	90112526	29/07/1999	208,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
9	90112510	28/05/1999	225,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
10	90112499	21/04/1999	285,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
11	90112384	19/02/1998 *	2,000,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
12	90111361	19/02/1998 *	1,500,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
13	90112247	13/03/1995	10,300,000.00	Sri State Financial Corpn.	Jaldarshan Building, Ashram Road, Ahmedabad, Gujarat - 380009, India	-
14	90112206	19/02/1998 *	3,000,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.