MIRA INFORM REPORT

Report No. :	302869
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	OVAL POLYCOATS PRIVATE LIMITED
Registered Office :	146/A, Pirangut Taluka Havali, District Pune - 412111, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.07.2002
Com. Reg. No.:	11-017123
Capital Investment / Paid-up Capital :	Rs. 0.800 Million
CIN No.: [Company Identification No.]	U28920PN2002PTC017123
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 Coatings, Plating, Electro-plating, Electroless Nickel including coatings of Metals and non-metals.
No. of Employees :	Not Available

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 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by continuous decline in the turnover and profit of the company during FY 2014. Further, the rating also takes into consideration company modest networth and small scale of operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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 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.

LOCATIONS

Registered Office :	146/A, Pirangut Taluka Havali, District Pune – 412111, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9823456951 [Mr. Chandravadan Vitthaldas Biyani]
Fax No.:	Not Available
E-Mail :	dr.biyani@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Chandravadan Vitthaldas Biyani

Designation :

Director

Address :

A-1101, Rohan Garima, Shivaji Housing Society, Pune – 411016, Maharashtra, India

Date of Birth/Age :

05.03.1957

Date of Appointment :

01.07.2004

DIN No.:

00417165

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	U24134MH1996PTC096864	OHM POLYTECH PRIVATE LIMITED	Director	02/02/1996	02/02/1996	01/12/2010	Active	NO
2	U28920PN2002PTC017123	OVAL POLYCOATS PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
3	U24134PN2008PTC131223	NEON POLYMERS PRIVATE LIMITED	Managing director	02/01/2008	02/01/2008	23/06/2012	Active	NO
4	U24233MH2011PTC221954	ESTERIMIDE RESINS PRIVATE LIMITED	Director	13/09/2011	13/09/2011	-	Active	NO
5	AAC-3278	EMINENT POLYMERS LLP	Designated Partner	28/05/2014	28/05/2014	-	Active	NO

Name :

Mrs. Neena Chandravadan Biyani

Designation :

Director

Address :

A/40, Kolungade Estate, Kolbad Road, Kolbad, Thane (West), Thane – 400601, Maharashtra, India

Date of Birth/Age :

04.04.1963

Date of Appointment :

30.09.2008

DIN No.:

02172687

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	Company/ LLP Status	Defaulting status
1	U28920PN2002PTC017123	OVAL POLYCOATS PRIVATE LIMITED	Director	30/09/2008	01/08/2008	Active	NO

Name :

Mr. Ramanik Behl

Designation :

Director

Address :

A2/302, Ganga Satellite, Wanowarie, Pune – 411040, Maharashtra

Date of Birth/Age :

31.03.1941

Date of Appointment :

30.09.2009

DIN No.:

01468689

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	U24222KA2007PTC041417	ALPHAGAM COATING SOLUTIONS PRIVATE LIMITED	Whole-time director	01/04/2007	01/04/2007	06/02/2008	Active	NO
2	U24134PN2008PTC131223	NEON POLYMERS PRIVATE LIMITED	Director	02/01/2008	02/01/2008	23/06/2012	Active	NO
3	U28920PN2002PTC017123	OVAL POLYCOATS PRIVATE LIMITED	Director	30/09/2009	01/09/2009	-	Active	NO
4	U24232PN2014PTC151915	VINPOL COATINGS PRIVATE LIMITED	Director	23/07/2014	23/07/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Chandravadan Vitthaldas Biyani	41600	52.00
Neena Chandravadan Biyani	14400	18.00
Ramanik Behl	24000	30.00
Total	80000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Coatings, Plating, Electro-plating, Electroless Nickel including coatings of Metals and non-metals.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

· B V Shinde Scale Co

· Init Infotech

· Prayag International Private Limited

· Santosh Enterprises

· Swayambhu Logistics Private Limited

· Tracon Courier and Cargo

· Rainbow Scientific

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· The Saraswat Co-Operative Bank Limited

C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road Sangamwadi, Pune - 411003, Maharashtra, India

· Bank of Baroda

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
The Saraswat Cooperative Bank OD A/c	6.575	6.902
Total	6.575	6.902

Banking Relations :	--
Auditors :
Name :	G. D. Kulkarni and Associates Chartered Accountants
Address :	Flat No. 6, 2nd Floor, B Wing, Kirtikar Blocks, Noorie Baba Darga Road, Near Makhamali Talao, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25304455/ 25360404
E-Mail :	r3gkool@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	ABCPK9318E
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,000	Equity Shares	Rs. 10/- each	Rs. 0.800 Million

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	0.800	0.800	0.800
(b) Reserves & Surplus	2.943	2.750	2.530
(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)	3.743	3.550	3.330
(3) Non-Current Liabilities
(a) Long-term borrowings	6.575	6.902	22.689
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	14.469	8.476	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.044	15.378	22.689
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11.632	17.841	17.655
(c) Other current liabilities	10.147	7.732	0.947
(d) Short-term provisions	0.452	0.396	1.199
Total Current Liabilities (4)	22.231	25.969	19.801
TOTAL	47.018	44.897	45.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.653	5.280	5.804
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.030	0.030	0.030
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.683	5.310	5.834
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.601	16.356	17.993
(c) Trade receivables	19.028	18.540	17.232
(d) Cash and cash equivalents	1.065	0.577	1.033
(e) Short-term loans and advances	0.024	0.024	0.024
(f) Other current assets	5.617	4.090	3.704
Total Current Assets	42.335	39.587	39.986
TOTAL	47.018	44.897	45.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	28.788	55.727	58.348
Less	EXPENSES
		TOTAL	27.773	54.634	56.626
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.015	1.093	1.722
Less/ Add	DEPRECIATION/ AMORTISATION		0.626	0.758	0.910
	PROFIT BEFORE TAX		0.389	0.335	0.812
Less	TAX		0.197	0.115	0.270
	PROFIT AFTER TAX		0.192	0.220	0.542
	Earnings Per Share (Rs.)		2.40	2.75	6.78

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.83	0.75	1.77
Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.24
Debt Equity Ratio (Total Debt/Networth)		1.76	1.94	6.81
Current Ratio (Current Asset/Current Liability)		1.90	1.52	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.800	0.800	0.800
Reserves & Surplus	2.530	2.750	2.943
Net worth	3.330	3.550	3.743
Long-term borrowings	22.689	6.902	6.575
Short term borrowings	0.000	0.000	0.000
Total borrowings	22.689	6.902	6.575
Debt/Equity ratio	6.814	1.944	1.757

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	58.348	55.727	28.788
		(4.492)	(48.341)

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	58.348	55.727	28.788
Profit	0.542	0.220	0.192
	0.93%	0.39%	0.67%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10121178	24/08/2010 *	7,000,000.00	THE SARASWAT CO - OPERATIVE BANK LTD	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA	A96577622
2	10121181	24/08/2010 *	10,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA	A96577416
3	90082990	04/02/2005 *	2,500,000.00	MAHESH SAHAKARI BANK LIMITED	372/73/74 GULTEKADI MARKET, PUNE, MAHARASHTRA - 411037, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· Electrical Fittings

· Vehicles

· Generator

· Furniture and Fixture

· Computer

· Lab Equipment

· Camera

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. 62.15
UK Pound	1	Rs. 94.24
Euro	1	Rs. 73.30

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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
DEFAULTERS
--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.