MIRA INFORM REPORT

Report Date :

26.11.2011

IDENTIFICATION DETAILS

Name :	INDIAN OXIDES AND CHEMICALS LIMITED
Formerly Known As :	UNI CAMPINE PRIVATE LIMITED
Registered Office :	Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.1989
Com. Reg. No.:	11-52085
Capital Investment / Paid-up Capital :	Rs. 21.600 millions
CIN No.: [Company Identification No.]	U24300MH1989PLC052085
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04304G
PAN No.: [Permanent Account No.]	AAACU0797M
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer of Master Batch and Antimony Trioxide.
No. of Employees :	40 (Approximately)

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 350000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. P. M. Nisal
Designation :	Accounts Manager
Contact No.:	91-20-66359383
Date :	25.11.2011

LOCATIONS

Registered Office :	Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22066231/ 22015895/ 22017130/ 6017
Fax No.:	91-22-22082113/ 22096976
E-Mail :	daiichi@bom8.vsnl.net.in cosec@dai-ichiindia.com lvguniabex@vsnl.net.in lvguniabex@rediffmail.com iocl@pn2.vsnl.net.in
Website :	http://www.iocl.india.com
Location :	Owned
Factory :	Plot No. 11, F-II Block, MIDC, Pimpri, Pune – 411 018, Maharashtra, India
Tel. No.:	91-20-27475461/ 27470110/ 27477873/ 66359375
Fax No.:	91-20-27470110/ 66301199
E-Mail :	iocl@pn2.vsnl.net.in

DIRECTORS

(AS ON 28.09.2011)

Name :

Mr. Dhunjishaw Maneckji Neterwala

Designation :

Chairman

Address :

16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

11.10.1919

Date of Appointment :

07.06.1989

DIN No.:

00002513

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U13200MH1956PLC009898	UNIVERSAL FERRO AND ALLIED CHEMICALS LIMITED	Director	27/12/1956	27/12/1956	-	Active	NO
2	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Director	28/05/1961	28/05/1961	-	Active	NO
3	U99999MH1961PTC012216	CHEMICALS AND FERRO ALLOYS PRIVATE LIMITED	Director	18/12/1961	18/12/1961	-	Active	NO
4	L27100MH1972PLC015950	UNI-ABEX ALLOY PRODUCTS LIMITED	Director	17/08/1972	17/08/1972	-	Active	NO
5	U99999MH1978PTC020508	NORINCO PRIVATE LIMITED	Director	7/7/1981	7/7/1981	-	Active	NO
6	U65910MH1986PTC040434	ANOSH FINANCE AND INVESTMENT PRIVATE LIMITED	Director	21/07/1986	21/07/1986	-	Active	NO
7	U65900MH1986PTC040650	UNITEL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	19/08/1986	19/08/1986	-	Active	NO
8	U27200MH1977PLC019857	UNI DERITEND LIMITED	Director	23/03/1987	23/03/1987	-	Active	NO
9	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	26/11/1987	26/11/1987	-	Active	NO
10	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	7/6/1989	7/6/1989	-	Active	NO
11	U24110MH1990PLC055089	CHAMPION DAI-ICHI TECHNOLOGIES INDIA LIMITED	Director	17/01/1990	17/01/1990	7/9/2010	Active	NO
12	U24110MH1990PTC056807	PERFORMANCE POLYMERS AND CHEMICALS PRIVATE LIMITED	Director	11/6/1990	11/6/1990	-	Active	NO
13	U24100MH1991PLC059922	DAI-ICHI GOSEICHEMICALS (INDIA) LIMITED	Director	22/01/1991	22/01/1991	-	Active	NO
14	U11201MH2000PTC129960	OIL FIELD INSTRUMENTATION (INDIA) Private Limited	Director	11/12/2000	11/12/2000	-	Active	NO
15	U74999MH2003PLC142228	NETEL (INDIA) LIMITED	Director	16/09/2003	16/09/2003	-	Active	NO
16	U74140MH2007PLC174969	NETERWALA CONSULTING AND CORPORATE SERVICES LIMITED	Director	12/10/2007	12/10/2007	-	Active	NO
17	U11101MH2008PLC181048	MANOIR PETRO INDIA LIMITED	Director	10/4/2008	10/4/2008	24/09/2010	Active	NO

Name :

Mr. Feroze Dhunjishaw Neterwala

Designation :

Director

Address :

16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

14.05.1952

Date of Appointment :

07.06.1989

E-Mail:

fdn@neterwala.com

DIN No.:

00008332

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27200MH1977PLC019857	UNI DERITEND LIMITED	Whole-time director	1/7/2010	24/03/1983	-	Active	NO
2	U99999MH1961PTC012216	CHEMICALS AND FERRO ALLOYS PRIVATE LIMITED	Director	30/07/1985	30/07/1985	-	Active	NO
3	U65900MH1986PTC040650	UNITEL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	19/08/1986	19/08/1986	-	Active	NO
4	U13200MH1956PLC009898	UNIVERSAL FERRO AND ALLIED CHEMICALS LIMITED	Director	10/3/1987	10/3/1987	-	Active	NO
5	U65910MH1986PTC040434	ANOSH FINANCE AND INVESTMENT PRIVATE LIMITED	Director	21/07/1987	21/07/1987	-	Active	NO
6	L27100MH1972PLC015950	UNI-ABEX ALLOY PRODUCTS LIMITED	Director	25/09/1987	25/09/1987	-	Active	NO
7	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	26/11/1987	26/11/1987	-	Active	NO
8	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	7/6/1989	7/6/1989	-	Active	NO
9	U24246MH1946PTC005194	NETERSON TECHNOLOGIES PRIVATE LIMITED	Director	7/9/1995	7/9/1995	-	Active	NO
10	U11201MH2000PTC129960	OIL FIELD INSTRUMENTATION (INDIA) PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
11	L65990MH1977PLC019985	ROSE INVESTMENTS LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
12	U74999MH2003PLC142228	NETEL (INDIA) LIMITED	Director	16/09/2003	16/09/2003	-	Active	NO
13	U28920PN2004PTC134467	NETMECH ENGINEERING PRIVATE LIMITED	Director	18/06/2004	18/06/2004	16/06/2008	Active	NO
14	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29/09/2005	29/09/2005	-	Active	NO
15	U74140MH2007PLC174969	NETERWALA CONSULTING AND CORPORATE SERVICES LIMITED	Director	12/10/2007	12/10/2007	-	Active	NO
16	U29253MH2008PTC179766	UNI VTL ENGINEERING PRIVATE LIMITED	Director	5/3/2008	5/3/2008	-	Active	NO
17	U63040DL2002PTC115495	GREAVES TRAVEL INDIA PRIVATE LIMITED	Director	15/09/2008	8/4/2008	-	Active	NO
18	U11101MH2008PLC181048	MANOIR PETRO INDIA LIMITED	Director	10/4/2008	10/4/2008	24/09/2010	Active	NO
19	U74999MH2010PTC210246	MCPHAR INTERNATIONAL PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO

Name :

Mr. Dinshaw Shapoorji Anklesaria

Designation :

Director

Address :

372 - A/1-2, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra

Date of Birth/Age :

27.06.1932

Date of Appointment :

07.06.1989

DIN No.:

00008353

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28939MH1981PTC023774	AMALGAMATED METALS PRIVATE LIMITED	Managing director	30/01/1981	30/01/1981	Strike off	NO
2	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	7/6/1989	7/6/1989	Active	NO

Name :

Mrs. Shernaz Firoze Vakil

Designation :

Director

Address :

Flat 301, Shahiana, 67, E & H, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

16.06.1950

Date of Appointment :

07.06.1989

DIN No.:

00002519

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L65990MH1977PLC019985	ROSE INVESTMENTS LIMITED	Director	18/05/1978	18/05/1978	Active	NO
2	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Managing director	26/02/1979	26/02/1979	Active	NO
3	U24110MH1984PTC032306	NETWORK CHEMICALS PRIVATE LIMITED	Director	29/02/1984	29/02/1984	Active	NO
4	U65900MH1986PTC040650	UNITEL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	19/08/1986	19/08/1986	Active	NO
5	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	7/6/1989	7/6/1989	Active	NO
6	U24110MH1990PLC055089	CHAMPION DAI-ICHI TECHNOLOGIES INDIA LIMITED	Director	17/01/1990	17/01/1990	Active	NO
7	U24110MH1990PTC056807	PERFORMANCE POLYMERS AND CHEMICALS PRIVATE LIMITED	Director	11/6/1990	11/6/1990	Active	NO
8	U24100MH1991PLC059922	DAI-ICHI GOSEICHEMICALS (INDIA) LIMITED	Director	22/01/1991	22/01/1991	Active	NO
9	U24239AP2005PTC046402	INOGENT LABORATORIES PRIVATE LIMITED	Director	24/11/2005	24/11/2005	Active	NO
10	U99999MH1961PTC012216	CHEMICALS AND FERRO ALLOYS PRIVATE LIMITED	Director	29/09/2006	9/8/2006	Active	NO

Name :

Mr. Kavas Dara Patel

Designation :

Director

Address :

C-33, River Nest, 311, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India

Date of Birth/Age :

02.02.1947

Date of Appointment :

27.06.1997

DIN No.:

00002634

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L33208GA1983PLC000520	PHIL CORPORATION LIMITED	Director	18/08/1993	18/08/1993	-	Active	NO
2	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	27/06/1997	27/06/1997	-	Active	NO
3	U45309PN1991PTC063598	ZINNIA PROPERTIES PRIVATE LIMITED	Director	14/03/1998	14/03/1998	-	Active	NO
4	U74999MH1958PLC011233	INARCO LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
5	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Director	26/04/2001	26/04/2001	-	Active	NO
6	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	15/10/2001	15/10/2001	-	Active	NO
7	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	2/12/2002	2/12/2002	-	Active	NO
8	U24110MH1990PLC055089	CHAMPION DAI-ICHI TECHNOLOGIES INDIA LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
9	U72900PN2005PTC020816	MIMOSA DATA SYSTEMS (INDIA) PRIVATE LIMITED	Additional director	20/09/2006	20/09/2006	1/8/2007	Active	YES
10	L15419PN1985PLC037347	TASTY BITE EATABLES LIMITED	Director	27/08/2009	29/05/2009	-	Active	NO

Name :

Mr. Sorabji Manek Behram

Designation :

Director

Address :

16-3, Rustom Baug, Sant Savta Marg, Byculla (East), Mumbai – 400027, Maharashtra, India

Date of Birth/Age :

27.11.1947

Date of Appointment :

19.03.2008

DIN No.:

02035239

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	25/09/2008	19/03/2008	Active	NO

Name :

Mr. Bagwadia Adi Cyrus

Designation :

Director

Address :

A-10, Rustom Buag, Byculla (East), Mumbai – 400027, Maharashtra, India

Date of Birth/Age :

24.01.1947

Date of Appointment :

11.12.2008

DIN No.:

01565989

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L28939PN1987PLC043953	BILCARE LIMITED	Director	28/07/2004	28/07/2004	30/09/2009	Active	NO
2	U29100MH1986PLC040844	3D TECHNOPACK LIMITED	Director	10/11/2008	10/11/2008	-	Active	NO
3	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	11/9/2009	11/12/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. H. J. Gazdar
Designation :	President
Name :	Mr. J. F. Vakil
Designation :	Chief Executive Officer
Name :	Mr. B. S. Gurung
Designation :	Asst. General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Neterwala Maneckji Dhunjishaw Jointly: Universal Ferro and Allied Chemicals Limited, India	100
Neterwala Dhunjishaw Feroze Dhunjishaw Jointly: Universal Ferro and Allied Chemicals Limited, India	100
Universal Ferro and Allied Chemicals Limited, India	1295800
Neterwala Dhunjishaw Feroze Jointly: Neterwala Dhunjishaw Perin	216000
Neterwala Dhunjishaw Perin Jointly: Neterwala Dhunjishaw Feroze	216000
Vakil Firoze Shernaz Firoze Jointly: Mehta Rustom Perin	216000
Mehta Rustom Pervin Rustom Jointly: Vakil Feroze Shernaz	216000
Total	2160000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	59.99
Directors or relatives of directors	40.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Master Batch and Antimony Trioxide.

Products :

Product Description	Item Code No.
Antimony Trioxide	28258000
Master Batch	39089090
Formulations	29199090

Exports :

Products :

Master Batch and Antimony Trioxide

Countries :

· Indonesia

· Saudi Arabia

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011):-

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Antimony Trioxide	Mts.	N.A.	1000	679.26
Formulations	Mts.	N.A.	0	196.63
Master Batch Products and Compounds	Mts.	N.A.	2500	248.64

GENERAL INFORMATION

Suppliers :

· L Son Packaging

Customers :

Retailers and End Users

· DSM Engineering

No. of Employees :

40 (Approximately)

Bankers :

· Axis Bank Limited

Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· The Zoroastrian Co-operative Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
BORROWINGS From Banks
Term Loan from Axis Bank Limited. for Master Batch (Secured by equitable mortgage of Land and Building, hypothecation of Plant and Machinery and exclusive charge on the movable fixed assets of the Company-repayable within one year Rs.5.132 Millions	5.132	10.743
Cash Credit and Packing Credit Facilities (Secured by a first charge by way of hypothecation of the Company's entire goods, movables and other assets, present and future, including documents of title to goods and other assets such as book debts, receivables, etc., all present and future machinery, Vehicle wherever situate and further secured by deposit of all title deeds of the immovable properties of the Company.)	27.385	30.809
Total	32.517	41.552
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From a Body Corporate (Amount repayable within one year Rs. Nil)	10.000	6.500
Total	10.000	6.500

Banking Relations :	--
Auditors :
Name :	Jagtiani and Naik Chartered Accountants
Address :	12-13, Esplanade, 3^rd Floor, 3, Amrit Keshav Nayak Marg, Fort, Mumbai-400001, Maharashtra, India
PAN No.:	AAAFJ0344C
Holding Company :	· Universal Ferro and allied Chemicals limited (CIN : U13200MH1956PLC009898)
Ultimate Holding Company :	· Chemical and Ferro Alloys Private limited
Associates :	· Dai Ichi Karkaria Limited · Anosh Finance and Investment Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2160000	Equity shares	Rs. 10/- each	Rs. 21.600 millions

Note:

Of the above equity shares 1295800 shares of Rs.10/- each are held by Universal Ferro and allied Chemicals, the Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		21.600	21.600	21.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.337	39.581	22.074
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		86.937	61.181	43.674
LOAN FUNDS
1] Secured Loans		32.517	41.552	52.544
2] Unsecured Loans		10.000	6.500	9.000
TOTAL BORROWING		42.517	48.052	61.544
DEFERRED TAX LIABILITIES		8.064	8.718	5.249
TOTAL		137.518	117.951	110.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.655	43.481	45.545
Capital work-in-progress		0.000	0.000	0.150
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.783	54.961	17.253
	Sundry Debtors	78.720	65.988	47.706
	Cash & Bank Balances	17.200	11.065	16.126
	Other Current Assets	0.759	1.894	0.047
	Loans & Advances	23.877	20.744	19.143
Total Current Assets		205.339	154.652	100.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	78.299	61.974	35.554
	Other Current Liabilities	25.818	14.329
	Provisions	5.459	3.979	0.049
Total Current Liabilities		109.576	80.282	35.603
Net Current Assets		95.763	74.370	64.672
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		137.518	117.951	110.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income – Sales	498.983	341.021	255.026
		Job Work Charges	5.651	4.970	2.966
		Other Income	3.164	3.167	1.608
		TOTAL (A)	507.798	349.158	259.600
Less	EXPENSES
		Materials Consumed	368.590	239.822	157.298
		Cost of Traded Goods Sold	46.248	44.480	52.207
		Manufacturing and Other Expenses	50.826	33.573	32.620
		Inventory Charges	(16.695)	(12.171)	6.046
		Provision for Doubtful Debts	1.126	0.000	0.000
		TOTAL (B)	450.095	305.704	248.171
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.703	43.454	11.429
Less	FINANCIAL EXPENSES (D)		11.644	10.257	10.319
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.059	33.197	1.110
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.836	2.822	3.712
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		43.223	30.375	(2.602)
Less	TAX (H)		14.455	9.846	(0.323)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		28.768	20.529	(2.279)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.581	20.074	22.353
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	8.000	0.000
		Proposed Dividend	2.592	2.592	0.000
		Tax on Distribute Profit	0.420	0.430	0.000
	BALANCE CARRIED TO THE B/S		45.337	29.581	20.074
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	40.212	42.569	NA
		Commission Income	0.639	0.654	NA
		Difference in Exchange	2.174	2.186	NA
	TOTAL EARNINGS		43.025	45.409	NA
	IMPORTS
		Raw Materials	175.733	197.475	NA
		Spares Parts for Machinery Repairs	0.408	0.000	NA
		Trading Goods	38.572	45.356	NA
		Capital Goods	0.103	0.000	NA
		Others	8.251	0.000	NA
	TOTAL IMPORTS		223.067	242.831	NA
	Earnings/ (Loss) Per Share (Rs.)		13.32	9.50	(1.05)

Expected Sales (2011-12): Rs.500.000 Millions

The above information has been parted by Mr. P M Nisal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.67	5.88	(0.88)
Net Profit Margin (PBT/Sales)	(%)	8.66	8.91	(1.02)
Return on Total Assets (PBT/Total Assets}	(%)	17.50	15.33	(1.78)
Return on Investment (ROI) (PBT/Networth)		0.50	0.50	(0.06)
Debt Equity Ratio (Total Liability/Networth)		1.75	2.10	2.22
Current Ratio (Current Asset/Current Liability)		1.87	1.93	2.82

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Purchases	77.036	59.957	NA
- Expenses	1.263	2.017	NA
Total	78.299	61.974	NA

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

PERFORMANCE:

FINANCIAL PERFORMANCE

The turnover of the Company is Rs.504.600 Millions for the year 2010-11 as compared to Rs.346.000 Millions For the previous year, an increase of about 46 % over the last year.

PROFITABILITY

The company has achieved a PBIDT of Rs.57.700 Millions on a turnover of Rs.504.600 Millions as against a PBIDT of Rs.43.500 Millions on a turnover of Rs.346.000 Millions in the previous year. The Profit after tax is Rs. 28.800 Millions as against a profit after tax of Rs. 20.500 Millions in the previous year. (40% up)

SALES:

Antimony Trioxide Division:

They have achieved sales in domestic and export market as stated below:-

a) Domestic Sales:- They achieved sales of 587.4 MTs valued at Rs.302.500 Millions against previous year's sales of 579.1 MTs valued at Rs.166.500 Millions.

b) Export Sales:- They achieved sales of 92 MTs valued at Rs.40.600 Millions against previous year's sales of 169.5 MTs valued at Rs.43.700 Millions.

Formulations Division:

They achieved sales of 194.8 MTs. valued at Rs.48.700 Millions against previous year's sales of 139.9 MTs valued at Rs.31.700 Millions. They observed encouraging growth (40%) in formulations business over the FY 2009 – 2010.

The products are well received and have good potential in the market however matching price line is a challenge.

Masterbatch Division:

The growth potential for the Masterbatch division is very good and they would like to focus their efforts to achieve further growth in market share.

a) Own Sales:- They could achieve a sale of 245.6 MTs. valued at Rs.51.800 Millions against previous year's sale of 279.5 MTs valued at Rs.45.500 Millions. They have reviewed the Masterbatch business and planned strategies to capture more business and enlarge customer base in selected business segments.

b) They have excess capacity they undertake Job Work for third parties to keep their manufacturing facilities utilized. They achieved production of 425.2 MTs and a turnover of Rs.5.600 Millions against previous year's production 462.3 MTs valued at Rs.4.900 Millions. The combined production was 670.8 MTs valued at Rs.57.400 Millions against previous year's combined production of 741.8 MTs valued at Rs.50.400 Millions.

Trading Division :

They could achieve a total sale of 209.1 MTs valued at Rs.55.400 Millions as against previous year's sale of 251.2 MTs valued at Rs 53.700 Millions.

CONTINGENT LIABILITIES: (AS ON 31.03.2011)

a) Letters of Credit opened by bankers outstanding as on 31 March 2011 Rs.24.201 Millions.

b) Income Tax Demand disputed in Appeal Rs.5,25,166/- against which an amount of Rs.2,62,583/- is paid and shown as Income Tax Refunds Due.

c) Central Sales Tax Demand disputed in Appeal Rs.0.605 Million against which an amount of Rs.0.050 Million is paid and shown as Advance recoverable in cash or in kind or for value to be received.

d) Bond executed in favour of Custom Authorities for payment of duty Rs.3.628 Millions

FORM 8:

Corporate identity number of the company	U24300MH1989PLC052085
Name of the company	INDIAN OXIDES AND CHEMICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	LIberty Building, Sir vithaldas Thackersey Marg, Mumbai – 400020, Maharashtra, India cosec@dai-ichiindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10067106
Type of charge	Book debts Movable property (not being pledge) Others: All current assets incl. stocks and bk debts
Particular of charge holder	Axis Bank Limited Trishu,l 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India p.oza@axisbank.com
Nature of instrument creating charge	Supplemental deed of hypothecation Dated 10th May, 2011.
Date of instrument Creating the charge	10.05.2011
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per sanction letter terms of Axis Bank Limited Ref. No. PSC/SW/27/2011-12, Dated. 4.5.2011 Terms of Repayment: As per sanction letter terms of Axis Bank Limited Ref. No. PSC/SW/27/2011-12, Dated 4.5.2011 Margin: As per sanction letter terms of Axis Bank Limited Ref. No. PSC/SW/27/2011-12, DTD. 4.5.2011 Extent and Operation of the charge: First exclusive hypothecation charge on all current assets including stocks and book debts and plant and machinery present and future (excluding trading stock and trading book debts, which is already hypothecated to Zoroastrian Co-operative Bank Limited) Other: The Company, by virtue of the Board resolution dated 17.3.11, has given assent to all the terms and conditions, covenants as provided in the Bank's sanction letter ref no. PSC/SW/27/2011-12 DTD. 4.5.2011, have executed the related loan documents/ agreements.
Particulars of the property charged	1st exclusive hypothecation charge on all current assets incl. stocks and book debts and plant and machinery present and future (excl trading stock and book debts which is hypothecated to Zoroastrian Co-op Bank Limited
Particulars of the present modification	Vide the supplemental deed of hypothecation dated 10.5.2011, the exclusive charge on all current assets, including stocks and book debts and plant and machinery, present and future (excluding trading stock and trading book debts, which is already hypothecated to Zoroastrian Co-operative Bank Limited.) is extended to cover the credit facilities enhanced by Rs.30.000 Millions ie from 150.000 Millions to Rs.180.000 Millions sanctioned to the Company vide letter no. PSC/SW/27/2011-12 dated 4.5.2011.

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Laboratory Equipment

· Office Equipment

· Furniture and Fixture

· Motor Cars

· Computer Software

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.52.16
UK Pound	1	Rs.80.64
Euro	1	Rs.69.42

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--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.