MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	Oceanic Consultants PRIVATE LIMITED

Registered Office :	SCO-124-126, Sector-9C, Chandigarh – 160 017

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	26.06.1998

Com. Reg. No.:	53-021530

Capital Investment / Paid-up Capital :	Rs.0.100 million

CIN No.: [Company Identification No.]	U80211CH1998PTC021530

Legal Form :	Private Limited Liability Company

Line of Business :	Service provider in placing thousands of students in various institutions overseas. Plan to start Publishing of Books.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The management of the company has not filed its latest financials with the government departments. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

LOCATIONS

Registered Office :	SCO-124-126, Sector-9C, Chandigarh – 160 017, India
Tel. No.:	91-172-4689000, 3300300
Fax No.:	Not Available
E-Mail :	mehanassociates@aol.in upasana.d@oceanicconsultants.com
Website :	www.oceanicconsultants.com

Overseas Office 1 :	Oceanic Consultants Pty. Limited, Level 5, 131, Queen Street, Melbourne, VIC 3000
Tel. No.:	+61 (03) 8606 0200
Fax No.:	+61 (03) 8606 0201
E-Mail :	melbourne@OceanicConsultants.com

Overseas Office 2 :	Birmingham Science Park Aston, Faraday Wharf, Holt Street, Birmingham B7 4BB, United Kingdom
Tel. No.:	+44 (203) 371 0135
E-Mail :	uk@OceanicConsultants.com

DIRECTORS

As on 31.03.2009

Name :

Mrs. Sharda Rani Iqbal Gulati

Designation :

Director

Address :

House No.1056, Sector-21 B, Chandigarh – 160 022, India

Date of Appointment :

11.10.2004

DIN No.:

00717298

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	U80211CH1998PTC021530	Oceanic Consultants Private Limited	Director	11-10-04	11-10-04	-	Active	YES
2	U15134CH2005PTC028803	Boost Juice Bars Private Limited	Director	11-08-05	11-08-05	-	Strike off	NO
3	U74140CH2006PTC029765	BPO Intelligence India Private Limited	Director	22-02-06	22-02-06	-	Active	NO
4	U45202CH2006PTC029846	OCA Consulting Group Private Limited	Director	06-03-06	06-03-06	-	Strike off	NO
5	U74140CH2006PTC029922	BPO Intelligence Export Private Limited	Director	24-03-06	24-03-06	-	Strike off	NO
6	U72200CH2005PTC028470	Object Next Software Private Limited	Director	01-05-10	01-05-10	-	Active	NO
7	U74900CH2010PTC032572	BPO Supply Chain Management Private Limited	Director	18-11-10	18-11-10	-	Active	NO
8	U72200CH2010PTC032577	Tech Next Software Private Limited	Director	19-11-10	19-11-10	-	Active	NO

Name :

Mr. Naresh Iqbal Gulati

Designation :

Director

Address :

House No.1056, Sector-21 B, Chandigarh – 160 022, India

Date of Birth/Age :

29.11.1970

Date of Appointment :

01.11.2009

DIN No.:

00717319

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	U72200CH2005PTC028470	Object Next Software Private Limited	Director	27-05-05	27-05-05	-	Active	NO
2	U80300CH2006PTC030291	OCA Education Private Limited	Director	02-06-06	02-06-06	-	Strike off	NO
3	U80211CH1998PTC021530	Oceanic Consultants Private Limited	Director	01-11-09	01-11-09	-	Active	YES
4	U74140CH2006PTC029765	BPO Intelligence India Private Limited	Director	01-05-10	01-05-10	-	Active	NO
5	U74900CH2010PTC032572	BPO Supply Chain Management Private Limited	Director	18-11-10	18-11-10	20-11-10	Active	NO
6	U72200CH2010PTC032577	Tech Next Software Private Limited	Director	19-11-10	19-11-10	22-11-10	Active	NO

Name :

Mrs. Shalini Gulati

Designation :

Director

Address :

House No.1056, Sector-21 B, Chandigarh – 160 022, India

Date of Appointment :

26.06.1998

DIN No.:

00717339

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	U80211CH1998PTC021530	Oceanic Consultants Private Limited	Director	26-06-98	26-06-98	-	Active	YES
2	U72200CH2005PTC028470	Object Next Software Private Limited	Director	27-05-05	27-05-05	01-05-10	Active	NO
3	U15134CH2005PTC028803	Boost Juice Bars Private Limited	Director	11-08-05	11-08-05	-	Strike off	NO
4	U74140CH2006PTC029765	BPO Intelligence India Private Limited	Director	22-02-06	22-02-06	01-05-10	Active	NO
5	U45202CH2006PTC029846	OCA Consulting Group Private Limited	Director	06-03-06	06-03-06	-	Strike off	NO
6	U74140CH2006PTC029922	BPO Intelligence Export Private Limited	Director	24-03-06	24-03-06	-	Strike off	NO
7	U80300CH2006PTC030291	OCA Education Private Limited	Director	02-06-06	02-06-06	-	Strike off	NO

Name :

Mr. Sanjay Wazir Chand Bhaskar

Designation :

Director

Address :

House No.5274 B, Sector 38 West, Chandigarh – 160 014, India

Date of Birth/Age :

06.06.1965

Date of Appointment :

01.11.2009

DIN No.:

02756471

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	U80211CH1998PTC021530	Oceanic Consultants Private Limited	Director	01-11-09	01-11-09	-	Active	YES
2	U72200CH2005PTC028470	Object Next Software Private Limited	Director	01-05-10	01-05-10	-	Active	NO
3	U74140CH2006PTC029765	BPO Intelligence India Private Limited	Director	01-05-10	01-05-10	-	Active	NO
4	U72200CH2010PTC032577	Tech Next Software Private Limited	Director	22-11-10	22-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :	Service provider in placing thousands of students in various institutions overseas. Plan to start Publishing of Books.

Terms :
Selling :	Cash and credit (30 days)

Purchasing :	Cash and credit (30 days)

GENERAL INFORMATION

Customers :

End Users and Others

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, Chandigarh – 160 009, India

Facilities :

Unsecured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Naresh Gulati	0.000	10.101
Sharda Gulati	0.000	0.300
Total	0.000	10.401


Banking Relations :	--

Auditors :
Name :	Mehan Associates Chartered Accountants
Address :	1246, Sector 22-B, Chandigarh – 160 022, India
Tel. No.:	91-172-3299324/ 2701626
Fax No.:	91-172-2549777
Income-tax PAN of auditor or auditor's firm :	AAFFM9231J

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.017	0.017	0.017
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.117	0.117	0.117
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	10.401	0.000
TOTAL BORROWING		0.000	10.401	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		0.117	10.518	0.117

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		44.970	28.061	20.921
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		2.580	0.225	0.440

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.124	0.241	0.406
	Cash & Bank Balances	25.087	7.604	4.803
	Other Current Assets	0.603	1.188	1.080
	Loans & Advances	7.694	4.694	2.873
Total Current Assets		34.508	13.727	9.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	85.144	30.082	29.853
	Provisions	3.378	2.247	1.621
Total Current Liabilities		88.522	32.329	31.474
Net Current Assets		(54.014)	(18.602)	(22.312)

MISCELLANEOUS EXPENSES		6.581	0.834	1.068

TOTAL		0.117	10.518	0.117

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2009	31.03.2008	31.03.2007

	TOTAL INCOME	88.429	61.300	NA

	EXPENSES	96.048	60.604	NA

	PROFIT/ (LOSS) BEFORE TAX	(7.619)	0.696	NA

Less	TAX	(2.162)	0.445	NA

	PROFIT/ (LOSS) AFTER TAX	(5.457)	0.251	NA

	Earnings/ (Loss) Per Share (Rs.)	(545.70)	25.06	NA

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	(6.17)	0.41	NA

Return on Total Assets (PBT/Total Assets}	(%)	(9.59)	1.67	NA

Return on Investment (ROI) (PBT/Networth)		(65.12)	5.95	NA

Debt Equity Ratio (Total Liability/Networth)		756.60	365.21	269.01

Current Ratio (Current Asset/Current Liability)		0.39	0.42	0.29

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS:

During the year the company incurred a net loss of Rs.7.619 millions before taxation.

FIXED ASSETS:

v Furniture and Fixtures

v Plant and Machinery

v Air Conditioner

v Computer

v Vehicles

WEBSITE DETAILS:

NEWS:

POLICE ARRESTED NARESH GULATI, OCEANIC CONSULTANTS

Wednesday, 27 April 2011 13:44

April 27 The Economic Offences Wing (EOW) of the Chandigarh police today arrested Naresh Gulati, director and chief executive officer (CEO) of Oceanic Consultants, a leading immigration company in Sector 9, in a case of embezzlement of shares worth crores of rupees. The police had registered the case in February this year on the directions of a local court.

He has been remanded in one-day police custody. While requesting police custody of the accused, the police said the money allegedly used in the crime and the computer which he reportedly used to forge documents were yet to be recovered from the possession of the accused.

Gulati has been accused of transferring shares worth crores in his name and that of his mother by using forged share certificates. His estranged wife, Shalini, had lodged the complaint against him.

As per the complaint, Naresh Gulati created a forged share transfer certificate in 2009 and transferred 9,031 shares belonging to his wife worth more than Rs.115.000 millions in favour of Sharda, his mother. Shalini also alleged that he forged a sale agreement of 469 shares belonging to her in favour of Oceanic Consultants in Australia and Rs.6.000 millions was deposited in their joint account without her knowledge, which he subsequently withdrew.

The complainant also alleged that she was also a shareholder in another company owned by Naresh Gulati, BPO Intelligence, and he transferred 25,000 shares in a similar manner. Her name was also fraudulently struck off from company ownership by allegedly forging her resignation letter.

However, a press note by Oceanic Consultants stated that all allegations against Naresh Gulati were baseless.

CHANDIGARH-BORN ENTREPRENEUR BAGS AUSSIE AWARDS

CHANDIGARH: Born and educated in Chandigarh, Naresh Gulati made history of sorts when two of his companies were conferred the prestigious Australian Business Awards- 2008 in three categories, recognising “enterprise”, “best value” and “product excellence”.

Mentioning this while talking to reporters here on Friday, Mr. Gulati, CEO of Oceanic Consultants Australia (OCA) group, quoted official communications to explain that the award winners were selected from 1,726 entries by 1,073 organisations. The jury included experts from business and academics whose evaluation was based across seven main areas that included leadership, impact, adaptability, corporate culture, customer and market focus, uniqueness and evidence of success.

Mr. Gulati, whose companies are associated with the business of education, foreign placements and software development, said it was only in June 2005 that he started “BPO Intelligence”, the company which has now received two awards, with an investment of less than 1,000 dollars. The company has clients across Australia, New Zealand, Britain and the US. It was recently listed as one of the fastest growing start-ups in Australia by the renowned business magazine BRW as it posted a profit of more than 12 million dollars and accounted for more than 65 per cent of the market share of business in Australian and New Zealand universities.

Mr. Gulati said he started his business journey selling candles on the roadside in Chandigarh with a borrowed amount Rs.0.005 million. Following his three guiding principles of “Ethics, Expertise and Leadership”, he claims to have created an enterprise that is valued in Australia today at more than 100 million Australian dollars.

He said he went to Australia in 1996 to study and experienced major problems because of improper guidance from different sources. “Studying during day and working night shifts to meet expenses and pay the fees was the only way. It was then I decided to start up my own business that would guide the students in the right direction,” he said.

The group now has offices in Punjab, Haryana, Delhi and Gujarat while it plans to start business in other parts of India besides entering South East Asia and Latin America.

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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		18

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

0.000

1.124

25.087

0.603

7.694

34.508

85.144

3.378

88.522

(54.014)

(6.17)

(9.59)

(65.12)

756.60

0.39

Unit