MIRA INFORM REPORT

Report Date :

12.01.2011

Note:

The Registered office of the company has been shifted from 6/C, Saivishwakarma Darshan, Shivaji Chowk, Koldongri, Opposite Apna Bazar, Vile Parle (East), Mumbai-400057, Maharashtra, India to present address w.e.f. 05.11.2010.

IDENTIFICATION DETAILS

Name :	OC SPECIALITIES PRIVATE LIMITED
Registered Office :	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai - 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.01.2005
Com. Reg. No.:	11-150735
CIN No.: [Company Identification No.]	u24100mh2005ptc150735
TAN No.: [Tax Deduction & Collection Account No.]	mumo03562g
PAN No.: [Permanent Account No.]	aaaco7181p
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Wholesale Supplier and Importer of Agro Chemicals and Intermediates.

RATING & COMMENTS

MIRA’s Rating :

Ba (44 )

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

Maximum Credit Limit :	USD 92000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Trupti More
Designation :	Accountant
Date :	29.12.2010

LOCATIONS

Registered Office :	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai - 400 057, Maharashtra, India
Tel. No.:	91-22-28613688/ 40825200
Mobile No.:	91-9820306033 (Mr. S.M. Jayaram)
Fax no.:	91-22-40825253
E-Mail :	contact@ocspl.com accounts@ocean-chemicals.com contact@ocspl.com monukamdar@gmail.com
Area :	300 Sq. ft.
Location :	Owned
Corporate Office :	7, B Wing, Sai Vishwakarma, Darshan, Shivaji Chowk, koldongri, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Area :	250 Sq. ft.
Location :	Rented

DIRECTORS

As on 30.09.2010

Name :	Mr. Manish Mangilal Shah
Designation :	Managing Director
Address :	B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	15.03.1976
Date of Appointment :	19.01.2005
Name :	Mr. Vikas Mangilal Shah
Designation :	Director
Address :	B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	18.10.1981
Date of Appointment :	19.01.2005
Name :	Mr. Pushpak M. Shah
Designation :	Director
Address :	27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	12.04.1979
Date of Appointment :	19.01.2005
Name :	Mr. Virendra B. Shah
Designation :	Director
Address :	27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	14.04.1961
Date of Appointment :	19.01.2005
Name :	Mr. Nitin G. Kulkarni
Designation :	Director
Address :	204, Srishti Complex, Tara Tower, B Wing, Saki Vihar Road, Mumbai – 400 078, Maharashtra, India
Date of Birth/Age :	09.06.1971
Date of Appointment :	30.09.2010
Name :	Mr. Nirav V. Mehta
Designation :	Director
Address :	28, Netra Bungalow, Near Sourabh Society, Opposite Nilkanth – II, Drive in Road Mem Nagar, Ahmedabad - 380013, Gujarat, India
Date of Birth/Age :	26.02.1992
Date of Appointment :	30.09.2010
Name :	Mr. Vinod S. Mulgaoankar
Designation :	Director
Address :	103-A-Wing, Mithila Apartment, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	31.08.1947
Date of Appointment :	30.09.2010

KEY EXECUTIVES

Name :	Ms. Trupti More
Designation :	Accountant
Name :	Mr. S.M. Jayaram
Designation :	Vice President – Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Manish M. Shah	16000
Vikas M. Shah	2500
Pushpak M. Shah	2500
Virendra Mehta	25000
Ocean Chemicals, India	5
Oswal Chemical, India	5
Total	46010

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.02
Directors or relatives of directors	99.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Wholesale Supplier and Importer of Agro Chemicals and Intermediates.
Imports :
Products :	v Chemicals and Intermediates
Countries :	v Belgium v USA v China v European Countries
Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)
Purchasing :	L/C, Cash and Credit (30/ 60/ 90 days)

GENERAL INFORMATION

Customers :

v End Users

v Retailers

v OEM’s

No. of Employees :

20

Bankers :

v Ing Vysya Bank Limited, 103/104, A-Wing, I Floor Floral Deck Plaza, MIDC Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

v CITI Bank N.A., Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

v Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
HDFC Car Loan [Hypothecation Against Motor Car]	0.128	0.517
ING Vysya Bank CC a/c. [Hypothecation Against Stock and Debtors]	27.814	22.244
Reliance Capital Finance Limited [Hypothecation Against Office Premises]	12.346	0.000
Total	40.288	22.761

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans From Directors	4.213	1.593
Loans From Shareholders	14.331	0.011
Total	18.544	1.604

Banking Relations :

--

Auditors :

Name :

R.V. jain and Associates

Chartered Accountants

Address :

E-203, Nilambuj, Kamal Aprtments, Shankar lane, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Tel. No.:

91-22-28613688

E-Mail :

rvjain@rediffmail.com

Associates/Subsidiaries :

Ocean Chemicals

Address: 6-C, Sai Vishwakarma Darshan, Shivaji Chowk, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Line of Business: Trader, Wholesale Supplier and Importer of Agro Chemicals and Intermediates.

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46010	Equity Shares	Rs.10/- each	Rs.0.460 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.460	0.460	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.502	16.779	7.214
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.962	17.239	7.314
LOAN FUNDS
1] Secured Loans		40.288	22.761	0.867
2] Unsecured Loans		18.544	1.604	15.803
TOTAL BORROWING		58.832	24.365	16.670
DEFERRED TAX LIABILITIES		0.000	0.000	0.058
TOTAL		81.794	41.604	24.042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.687	3.144	3.605
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.041	0.002	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.063	11.375	23.177
	Sundry Debtors	187.119	43.947	94.105
	Cash & Bank Balances	0.470	0.182	0.748
	Other Current Assets	1.664	4.036	4.204
	Loans & Advances	4.250	4.600	0.050
Total Current Assets		244.566	64.140	122.284
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	176.456	19.180	97.852
	Other Current Liabilities	1.344	1.217
	Provisions	4.700	5.285	4.000
Total Current Liabilities		182.500	25.682	101.852
Net Current Assets		62.066	38.458	20.432
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		81.794	41.604	24.042

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	465.554	373.846	294.095
		Other Income
		TOTAL	465.554	373.846	294.095
Less	EXPENSES
		Office Expenses	457.099	368.398	289.038
		Administrative Expenses
		Advertising Expenses
		TOTAL	457.099	368.398	289.038
	PROFIT BEFORE TAX		8.455	5.448	5.057
Less	TAX		2.800	1.900	1.825
	PROFIT AFTER TAX		5.655	3.548	3.232
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.659	7.214	4.034
	Earnings Per Share (Rs.)		123.00	77.11	322.88

Expected Sales (2010-2011): Rs.600.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.21	0.95	1.10
Return on Total Assets (PBT/Total Assets}	(%)	3.20	8.10	4.02
Return on Investment (ROI) (PBT/Networth)		0.37	0.32	0.69
Debt Equity Ratio (Total Liability/Networth)		10.51	2.90	16.20
Current Ratio (Current Asset/Current Liability)		1.34	2.50	1.20

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Kindly be informed that Ms. Trupti More [Accountant] has confirmed that the total Income includes the sales turnover and she has also confirmed that the commercial activities of the company are already started. As per her knowledge the commercial activities are started since the incorporation of the company.

We also tried to collect the Breakup of the Total Income from different sources but same is not available.

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	170.069	19.180	NA
Sundry Creditors - Manufacturing	6.387	0.000	NA
	176.456	19.180	NA

OPERATIONS/ WORKING RESULTS

During the year, the Company has recorded Total Income from operations and other income of Rs.465.554 millions and as compared to the Total income Rs.373.846 millions for the corresponding previous year.

The Company has earned net profit to the tune of Rs.5.655 millions as compared to of Rs.3.548 millions in respect of the corresponding previous year, after making provision for taxation and deferred tax liability.

Barring unforeseen circumstances, commencement of commercial activity is expected in the current year in view of continued efforts being made. Further the company is taking effective steps to strengthen the profitability and financial soundness of the Company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24100MH2005PTC150735
Name of the company	OC SPECIALITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6/C, Saivishwakarma Darshan, Shivaji Chowk, Koldongri, Opposite Apna Bazar, Vile Parle (East), Mumbai-400057, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10228758
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai-40001, Maharashtra, India
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	01.09.2010
Amount secured by the charge	Rs. 151.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facility: Interest / Commission – As agreed by and with Bank of Time to time Terms of Repayment agreed by and with Bank of Time to time Margin As applicable, if any. Extent and Operation of the charge The Bank is having first charge on security given by the company.
Short particulars of the property charged	First charge on a) Commercial Property, Flat No. C-AB, Ground Floor, Sai Vishwa S.R.A. Co-Operative Housing Society Limited, Shivaji Chowk, Shahji Raje Marg, Vile Parle (East), Mumbai-400057 b) Industrial Property, Gala No. 107, 1^st Floor, Building No. 1, UNICO Industrial Park, Vasai District, Thane-401210
Particulars of the present modification	By present modification, the existing charge amount of Rs. 150.000 Millions enhanced to Rs.151.500 Millions against the security of immovable properties of the company, as described above. However, out of Rs.151.500 Millions, the charge created on hypothecation against stock, book debts, movable fixed assets for Rs.150.000 Millions created vide hypothecation agreement dated 29.06.2010 shall remain the same.

This form is for	Creation of charge
Corporate identity number of the company	U24100MH2005PTC150735
Name of the company	OC SPECIALITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6/C Saivishwakarma Darshanshivaji Chowk Koldongri, Opposite Apna Bazar Vile Parle (East), Mumbai - 400057, Maharashtra, India
Type of charge	· Floating charge · Book Debts
Particular of charge holder	ING Vysya Bank Limited 103/104, A- Wing, I Floor Floral Deck Plaza, MIDC Central Road, Andheri (E), Mumbai – 400093, Maharashtra, India E-mail : andheribr@ingvysyabank.com
Nature of instrument creating charge	General Hypothecation Agreement
Date of instrument Creating the charge	13.08.2008
Amount secured by the charge	Rs. 35.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest OD-SIT/BD : IVRR -3.25% LCBD (sub-limit to OD-SIT/BD) : IVRR -4.75%p.a BG (sub-limit to OD-SIT/BD) : Commission 3%p.a ILC (sub-limit to OD-SIT/BD): Commission as per Bank norms. Buyers Credit (sub-limit to OD-SIT/BD): Commission as per Bank norms. Terms of repayment OD-SIT/BD : On Demand. LCBD (sub-limit to OD-SIT/BD) : On Demand. BG (sub-limit to OD-SIT/BD) : On Demand. ILC (sub-limit to OD-SIT/BD) : On Demand. BUYERS CREDIT (sub-limit to OD-SIT/BD): On Demand. Margin: OD-SIT/BD : Stock- 25% and Book Debts-25%. LCBD (sub-limit to OD-SIT/BD) : 15%. BG (sub-limit to OD-SIT/BD) : Cash Margin by way of deposit-25%. ILC (sub-limit to OD-SIT/BD) : Cash Margin 15%. BUYERS CREDIT (sub-limit to OD-SIT/BD) : 15%. Extent and operation of the charge First Charge on all Stock in trade and book debts of the company both present and future. First Charge on a) Documents covering title to goods till acceptance. b) Accepted bills of exchange till retirement of bills. c) Goods purchased/ Imported under the LC. d) Current Assets purchased under Buyers Credit of the company both present and future.
Short particulars of the property charged (Including location of the property)	All Stock in trade of the company both present and future stored at Syndicate Warehousing and Logistics Manish Estate, Chaudhaie Compound, near Annpurna Hotel, Punna Village, Bhiwandi-421302 or anywhere else. Goods purchased/ Imported under the LC, and Current Assets purchased under Buyers Credit of the company both present and future. Entire Book Debts of the Company both present and future.

FIXED ASSETS:

· Air Conditioner

· Card Scanner

· Computers

· Electrical Appliances

· Furniture and Fixtures

· Motor Bike

· Motor Car

· Office Equipment

· Telephone Systems

· Office Building Premises - Sai Vishwakarma

· Office Building Premises - The Chambers

· Office Building Premises - Vasai

· Office Renovation

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 records 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.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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
TOTAL		44

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.