MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	OC SPECIALITIES PRIVATE LIMITED

Registered Office :	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai-400057, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.01.2005

Com. Reg. No.:	11-150735

Capital Investment / Paid-up Capital :	Rs.0.460 Million

CIN No.: [Company Identification No.]	U24100MH2005PTC150735

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Trader of Chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 130000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track records. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Manish Mangilal Shah
Designation :	Director
Contact No.:	91-9820707072
Date :	07.10.2011

LOCATIONS

Registered Office / Factory:	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9820707072 [Mr. Manish Mangilal Shah]
Fax No.:	Not Available
E-Mail :	contact@ocspl.com rvjain@rediffmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Manish Mangilal Shah

Designation :

Managing Director

Address :

B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad-380013, Gujarat, India

Date of Appointment :

19.01.2005

Din No.:

00036482

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Managing director	19-01-05	19-01-05	Active	NO
2	U24100GJ2008PTC053898	OSWAL CHEM (INDIA) PRIVATE LIMITED	Director	15-05-08	15-05-08	Active	NO

Name :

Mr. Vikas Mangilal Shah

Designation :

Director

Address :

B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad-380013, Gujarat, India

Date of Appointment :

19.01.2005

Din No.:

00036542

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	19-01-05	19-01-05	Active	NO
2	U51434PN2006PTC128357	BALAJI SOURCINGS PRIVATE LIMITED	Whole-time director	15-03-08	20-04-06	Active	NO

Name :

Mr. Pushpak M Shah

Designation :

Director

Address :

27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad-380013, Gujarat, India

Date of Appointment :

19.01.2005

Name :

Mr. Virendra B. Shah

Designation :

Director

Address :

27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad-380013, Gujarat, India

Date of Appointment :

19.01.2005

Name :

Mr. Nitin Ganpati Kulkarni

Designation :

Director

Address :

204, Srishti Complex, Tara Tower, B Wing, Saki Vihar Road, Mumbai-400078, Maharashtra, India

Date of Appointment :

30.09.2010

Din No.:

03042587

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	30-09-10	03-06-10	Active	NO

Name :

Mr. Nirav Virendra Mehta

Designation :

Director

Address :

28, Netara Bungalow, Near Sourabh Society, Opposite Nilkanth II, Drive in Road Mem Nagar, Ahmedabad-380013, Gujarat, India

Date of Appointment :

30.09.2010

Din No.:

03042627

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	U24100GJ2008PTC053898	OSWAL CHEM (INDIA) PRIVATE LIMITED	Director	01-06-10	01-06-10	Active	NO
2	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	30-09-10	03-06-10	Active	NO

Name :

Mr. Vinod Sadanand Mulgaonkar

Designation :

Director

Address :

103 A-Wing, Mithila Apartments, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India

Date of Appointment :

30.09.2010

Din No.:

03042723

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	30-09-10	03-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Manish Mangilal Shah		16000
Vikas Mangilal Shah		2500
Pushpak M Shah		2500
Virendra B. Shah		25000
Ocean Chemicals, India		5
Ocean Chemicals, 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 :

Manufacturer and Trader of Chemicals.

GENERAL INFORMATION

Bankers :

Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
HDFC Car Loan [Hypothecation against Motor Car]		0.129
ING Vysya Bank CC A/C [Hypothecation against Stock and Debtors]	114.993	27.813
Reliance Capital Finance Limited [Hypothecation against office premises]		12.346
Total	114.993	40.288

Unsecured Loan
Loans From Directors	46.045	4.213
Loans From Shareholders		14.331
Total	46.045	18.544


Banking Relations :	--

Auditors :
Name :	R.V. Jain and Associates Chartered Accountants
Address :	E-203, Nilambuj, Kamal Apartments, Shankar Lane, Kandivali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-28613688
E-Mail :	rvjain@rediffmail.com

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.460	0.460	0.460
2] Share Application Money		1.000	0.000	0.000
3] Reserves & Surplus		32.906	22.502	16.779
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.366	22.962	17.239
LOAN FUNDS
1] Secured Loans		114.993	40.288	22.760
2] Unsecured Loans		46.045	18.544	1.604
TOTAL BORROWING		161.038	58.832	24.364
DEFERRED TAX LIABILITIES		0.345	0.000	0.000

TOTAL		195.749	81.794	41.603

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		23.665	19.687	3.144
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		3.208	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.041	0.002

CURRENT ASSETS, LOANS & ADVANCES
	Inventories		51.063	11.375
	Sundry Debtors		187.119	43.947
	Cash & Bank Balances	344.764	0.470	0.182
	Other Current Assets		1.664	4.035
	Loans & Advances		4.250	4.600
Total Current Assets		344.764	244.566	64.139
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		176.455	19.180
	Other Current Liabilities	175.888	1.345	1.217
	Provisions		4.700	5.285
Total Current Liabilities		175.888	182.500	25.682
Net Current Assets		168.876	62.066	38.457

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		195.749	81.794	41.603

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	929.877	465.056	373.846
		Other Income	2.528	0.499
		TOTAL (A)	932.405	465.555	373.846

Less	EXPENSES
		Cost of Sales	839.919	429.447	368.398
		Administrative and Operating Expenses	59.854	23.557
		TOTAL (B)	899.773	453.004	368.398

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.632	12.551
					[Including financial expenses and depreciation]
Less	FINANCIAL EXPENSES (D)		15.120	3.719

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.512	8.832

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.681	0.377

	PROFIT BEFORE TAX (E-F) (G)		15.831	8.455	5.448

Less	TAX (H)		5.100	2.800	1.900

	PROFIT AFTER TAX (G-H) (I)		10.731	5.655	3.548

Add	SHORT PROVISION FOR TAX		0.058	0.029	NA

Add/ Less	DEFERRED TAX LIABILITY / (ASSETS)		0.385	(0.039)	NA

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.382	10.659	NA

	BALANCE CARRIED TO THE B/S		26.786	16.382	NA

	Earnings Per Share (Rs.)		233	123	77.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.15	1.21	0.95

Net Profit Margin (PBT/Sales)	(%)	1.70	1.82	NA

Return on Total Assets (PBT/Total Assets}	(%)	4.30	3.20	8.10

Return on Investment (ROI) (PBT/Networth)		0.46	0.37	0.32

Debt Equity Ratio (Total Liability/Networth)		9.80	10.51	2.90

Current Ratio (Current Asset/Current Liability)		1.96	1.34	2.50

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS / WORKING RESULTS: [As on 31.03.2010]

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

This form is for	Modification of charge
Charge identification number of the modified	10228758
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	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai-400001, Maharashtra, India
Email	biplab.das1@sc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry - Supplemental
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.174.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the bank from time to time. Terms of Repayment As agreed by and with the bank from time to time. Extent and Operation of the charge The Bank is having exclusive charge on the security given by the Company.
Short particulars of the property charged	I) First Charge and exclusive charge on a) Commercial Property, Flat No. 6-AB, Ground Floor, Sai Vishwa S.R.A. Co-op Housing Society Limited, Shivaji Chowk, Shahji Raje Marg, Vile Parle (E), Mumbai 400057. II) Industrial Property, Gala No. 107, 1st Floor, building No. 1, UNICO Industrial Park, Vasai District Thane 401210. III) Unit No. 205, 2nd floor, The Chamber, Plot no. 108, 109, Sant Janabai Road, western Express Highway, Vile Parle, Mumbai.
Date of latest modification prior to the present modification	27.10.2010
Particulars of the present modification	The existing charge amount of Rs.170.000 Millions enhanced to Rs.174.500 Millions (including LER limit of Rs.4.500 Millions). Total charge of INR 174.500 Millions is now also secured against the First Charge and exclusive charge of immovable properties of the Company, as described in Sr. no. 15. Out of Rs.174.500 Millions, the charge amount of Rs.170.000 Millions (excluding LER limits) is already secured with hypothecation of stocks and book debts created vide Hypothecation Agreement - Supplemental dated 27.10.2010.

Fixed Assets:

Air Conditioner
Card Scanner
Computers
Electrical Appliances
Furniture and Fixtures
Motor Bike
Motor Car
Office Equipments
Telephone Systems
Office Building Premises
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] 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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.

MIRA INFORM REPORT

51.063

187.119

344.764

0.470

1.664

4.250

344.764

244.566

176.455

175.888

1.345

4.700

175.888

182.500

168.876

62.066

1.15

1.70

4.30

0.46

9.80

1.96

Unit