The invention is directed to an aqueous based resin coating and paint composition comprising as essential ingredients, a colorant, a polyvinyl acetate polymer/acrylic polymer emulsion blend primary binder, a polyvinyl-based film forming resin secondary binder, such as polyvinyl alcohol, and water with sufficient amount of a surface active agent to form a stable suspension. The coating or paint composition is applied onto an elastomeric or polyvinyl chloride surface until the coating can be thermally treated or evaporated to incorporate the coating into the elastomeric or polyvinyl chloride surface as a permanent color. The invention also comprises a method for the preparation of the aqueous-base coating composition in which the essential components are prepared as aqueous dispersions or emulsions which are blended together to form the final coating or paint composition.