An important Mogul painting, more than 200 years old, kept in the stores of the Guest House, Kottayam, India, in a condition most harmful for its preservation was discovered by the first author and was saved by timely intervention. The technical examination of the Mogul painting by means of optical and chemical microscopy revealed that the paper used was imported from Persia. The colors used were mineral colors purified by a combined process of sedimentation and decantation. The paper and especially certain colors were highly acidic, but deacidification was problematic because certain colors were pH-dependent. Species of <i>Penicillium</i> were identified, and curative and preventive measures were taken. The flaking paint layer was also consolidated.