MIRA INFORM REPORT

Report Date :

29.03.2012

IDENTIFICATION DETAILS

Name :	VOXCO PIGMENTS AND CHEMICALS PRIVATE LIMITED (w.e.f. 06.09.2011)
Formerly Known As :	VAPI OXIDE COLOURS PRIVATE LIMITED
Registered Office :	794 794/1/A and 7941/B G I D C, Vapi, Valsad – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.2003
Com. Reg. No.:	042058
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U24224GJ2003PTC042058
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Inorganic Chromes Pigments
No. of Employees :	40 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 53072
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 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.

INFORMATION PARTED BY

Name :	Mr. Ashok Prajapati
Designation :	Accountant
Contact No.:	91-260-2431760
Date :	28.03.2012

LOCATIONS

Registered Office/Factory :	794 794/1/A and 7941/B G I D C, Vapi, Valsad – 396195, Gujarat, India
Tel. No.:	91-260-2431760 4088
Mobile No.:	91-9825091151 (Mr. Ashok Gheewala) 91-9820047695 (Mr. Ishan)
Fax No.:	91-260-2434088
E-Mail :	ashok.gheewala@voxco.in ishan.raveshia@vaxco.in administration@voxco.in
Web Site:	www.voxco.in
Area :	3300 sq. mtr.
Location :	owned
Administrative Office :	3G, Sharmin, Shanti Park, Ghatkopar East, Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25064634
E-Mail :	sales@voxco.in

DIRECTORS

AS ON 25.09.2011

Name :	Mr. Prabhu Raveshia
Designation :	Whole time Director
Address :	B-401, Shanti Park, Garodia Ngr, 4b,,Vallabhbaug Lane, Sharmin, Ghatkopar, Mumbai-400077, Maharashtra, India
Date of Birth/Age :	27.10.1969
Qualification :	BSC
Date of Appointment :	24.02.2003
Name :	Mr. Ashok Gheewala
Designation :	Whole time Director
Address :	Hitarth Co. Op. Hsg. Soc.,, R. No. 402 B Bldg., Plot - 14/3, Pardi, Vapi,, Valsad, 396191.
Date of Birth/Age :	15.12.1956
Qualification :	B. Com
Date of Appointment :	24.02.2003
Name :	Mr. Ishan Raveshia
Designation :	Whole time Director
Address :	B-402, Vallabhabaug Raod, Sharmin Shanti, Park, Garodia, Ngr, Ghatkopar (E), Mumbai- 400077, Maharashtra, India
Date of Birth/Age :	27.10.1969
Qualification :	BE and MBA
Date of Appointment :	24.02.2003
Name :	Mr. Vijay Kumar Joshi
Designation :	Director
Address :	Himgiri Apartments, Block No. 201, Kanchanjungha Complex, Pardi, VAlsad, Gujarat, India
Date of Birth/Age :	08.03.1957
Qualification :
Date of Appointment :	03.08.2010

KEY EXECUTIVES

Name :	Mr. Ashok Prajapati
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2011

Names of Shareholders	No. of Shares
Prabhu Lavji Raveshia	61250
Ishan Prabhu Raveshia	64625
Ashok H Gheewala	34000
Nanda Ashok Gheewala	25000
Nalini P Raveshia	47750
Neha Ishan Raveshia	27500
Ishan Raveshia Huf	20875
Gaurav Prabhu Raveshia	4000
Jupiter Business Limited	15000
Total	300000

EQUITY SHARE BREAKUP (PERCENTAGE OF TOTAL EQUITY)

AS ON 25.09.2011

Category	Percentage of Holding
Directors or relatives of directors	95.00
Other	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Inorganic Chromes Pigments
Products :	Middle Chrome Lemon Chrome Primrose Chrome Scarlet Chrome
Exports :
Products :	Pigments
Countries :	China, Singapore, Indonesia, New Zealand
Imports :
Products :	Raw Material
Countries :	London
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Inorganic Chrome Pigments	Kg.	1440000	931070

GENERAL INFORMATION

Customers :

· Wholesaler

· Retailers

· Manufacturer

No. of Employees :

40 Approximately

Bankers :

• Punjab National Bank, Gunjan Road, Near Hotel Galaxy, Gidc Char Rasta, Vapi - 396195,Gujarat, India
• State Bank of India, Ghatkoper (East) Branch, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Punjab National Bank – Term Loan - 2099 (Secured by Equitable Mortgage of Plant and Machinery)	2.283	0.000
Punjab National Bank – Term Loan-1841 (Secured by equitable mortgage of factory land and building at GIDC Vapi with hypothecation of Plant and machinery and other assets and the personal guarantees of all directors and equitable mortgage of immovable properties of an associate concern)	3.246	4.959
Punjab National Bank – Term Loan-1887 (Secured by equitable mortgage of factory land)	0.032	0.570
Punjab National Bank – Cash Credit (Secured by hypothecation of book-debts and stock and collaterally secured by block of fixed assets and the personal guarantees of all directors.)	21.882	14.917
Total	27.443	20.446

UNSECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	5.768	5.145
From Others	1.488	5.992
Total	7.256	11.137

Banking Relations :	-
Auditors :
Name :	G B Laddha And Company Chartered Accountant
Address :	1-2, Second Floor, Sahara Market, Vapi-Silvassa Road, Vapi – 396191, Gujarat, India
Professional Membership :	Indian Paint Association Indian Small Scale Paint Association All India Printing Ink Manufacturing Association Ltd. The Color Society Vapi Industrial Association
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 25.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,00,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,00,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.268	7.297	6.649
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.268	10.297	9.649
LOAN FUNDS
1] Secured Loans		27.443	20.446	11.550
2] Unsecured Loans		7.256	11.137	11.704
TOTAL BORROWING		34.699	31.583	23.254
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		47.967	41.880	32.903
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.357	24.643	29.001
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.068	0.102	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.193	12.187	1.992
	Sundry Debtors	26.662	19.020	2.637
	Cash & Bank Balances	0.148	0.313	0.130
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.926	7.728	2.557
Total Current Assets		57.929	39.248	7.316
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.505	20.464	2.802
	Current Liabilities	1.334	1.229	0.000
	Provisions	1.548	0.420	0.647
Total Current Liabilities		34.387	22.113	3.449
Net Current Assets		23.542	17.135	3.867
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		47.967	41.880	32.903

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	154.190	88.906	15.569
		Other Income	3.965	2.526	0.000
		TOTAL (A)	158.155	91.432	15.569
Less	EXPENSES
		Cost of Materials	114.709	63.838	NA
		Manufacturing Expenses	11.890	7.621	NA
		Administrative Expenses	18.616	10.103	NA
		TOTAL (B)	145.215	81.562	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.940	9.870	NA
Less	FINANCIAL EXPENSES (D)		3.884	3.808	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.056	6.062	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.473	5.046	NA
Add	Leasehold Land Amortisation		0.021	0.022	NA
	PROFIT BEFORE TAX (E-F) (G)		4.562	0.994	0.547
Less	TAX (H)		1.583	0.352	0.261
	PROFIT AFTER TAX (G-H) (I)		2.979	0.642	0.286
Add	Prior Period Adjustment		0.002	0.006	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.797	2.149	NA
	BALANCE CARRIED TO THE B/S		5.778	2.797	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	33.115	11.307	NA
	IMPORTS
		Raw Materials	0.112	NA	NA
	Earnings Per Share (Rs.)		9.94	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.88	0.70	1.83
Net Profit Margin (PBT/Sales)	(%)	2.95	1.11	3.51
Return on Total Assets (PBT/Total Assets}	(%)	5.54	1.55	1.51
Return on Investment (ROI) (PBT/Networth)		0.34	0.09	0.05
Debt Equity Ratio (Total Liability/Networth)		5.20	5.21	2.74
Current Ratio (Current Asset/Current Liability)		1.68	1.77	2.18

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors For raw materials and Stores	31.505	19.382	2.527
Sundry Creditors For Expenses	0.000	1.082	0.275
Total	31.505	20.464	2.802

FORM 8

Corporate identity number of the company	U24224GJ2003PTC042058
Name of the company	VOXCO PIGMENTS AND CHEMICALS PRIVATE LIMITED (w.e.f. 06.09.2011)
Address of the registered office or of the principal place of business in India of the company	794 794/1/A and 7941/B G I D C, Vapi, Valsad – 396195, Gujarat
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank, Gunjan Road, Near Hotel Galaxy, Gidc Char Rasta, Vapi - 396195,Gujarat, India Email: bo3903@pnb.co.in
Nature of instrument creating charge	Memorandum Of Deposit Of Title Deeds
Date of instrument Creating the charge	18.11.2009
Amount secured by the charge	Rs. 21.771 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1.5% P.A. Over Prevailing BPLR I.E. 12.50% Terms of repayment Cash Credit being renewable, term loan by monthly installments. Margin Stocks - 25% Book Debts - 50% Extent and operation of the charge The Charges Are Fully Secured Against The Properties Of The Company Until The Loan And Interest Amount Are Fully Paid Up.
Short particulars of the property charged (Including location of the property)	Immovable property of the borrower in Part A, situated at Plot No. 794, 794/1/A & 794/1/B, Revenue Survey Nos. 54/P & 55/P, Village Chhiri, GIDC VApi-396195 admeasuring 3264 Sq. Mtrs.
Date of instrument modifying the charge	08.06.2007
Particulars of the present modification	The Loan Amount Has Been Increased Form Rs. 26.600 millions To Rs. 21.771 millions.

FIXED ASSETS

• Buildings
• Computer Development
• Electrical Installation
• Furniture and Fixtures
• Mobile handset
• Laboratory Equipment
• Plant and Machinery
• Vehicle
• Office Equipment

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	--
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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. 50.92
UK Pound	1	Rs.81.21
Euro	1	Rs.67.85

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.