MIRA INFORM REPORT

Report Date :

06.05.2013

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 – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.02.2003
Com. Reg. No.:	04-042058
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 of Inorganic Pigments.
No. of Employees :	37 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 67000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Mehul Shah
Designation :	Account Manager
Contact No.:	91-260-2431760
Date :	04.05.2013

LOCATIONS

Registered Office/ Factory/ Site Office :	794, 794/1/A and 7941/B, G I D C, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2431760/ 2434088/ 2431760
Fax No.:	Not Available
E-Mail :	ashok.gheewala@voxco.in accounta@voxco.in administration@voxco.in sales@voxco.in
Website :	http://www.voxco.in
Area :	25000 Sq. ft
Location :	Owned
Branch Office :	505, Kane Plaza, Mind Space, Link Road, Malad (West), Mumbai, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Prabhu Raveshia
Designation :	Whole Time Director
Address :	B-401, Shanti Park, Garodia Nagar, 4B Vallabhbaug Lane, Sharmin, Ghatkopar, Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	27.11.1940
Date of Appointment :	24.02.2003
DIN No.:	00534546
Name :	Mr. Ashok Gheewala
Designation :	Whole Time Director
Address :	Hitarth C-operative Housing Society, R No. 402, B Building, Plot -14/3, Pardi, Vapi – 396191, Gujarat, India
Date of Birth/Age :	15.12.1956
Date of Appointment :	24.02.2003
DIN No.:	00534563
Name :	Mr. Ishan Raveshia
Designation :	Whole Time Director
Address :	B-401, Shanti Park, Garodia Nagar, 4B Vallabhbaug Lane, Sharmin, Ghatkopar, Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	27.10.1969
Date of Appointment :	24.02.2003
DIN No.:	00544985
Name :	Mr. Vijay Sunmukhbhai Joshi
Designation :	Whole Time Director
Address :	B-401, Shanti Park, Garodia Nagar, 4B Vallabhbaug Lane, Sharmin, Ghatkopar, Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	08.03.1957
Date of Appointment :	03.08.2010
DIN No.:	03060818

KEY EXECUTIVES

Name :	Mr. Mehul Shah
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Prabhu Lavji Raveshia	66250
Ashok Gheewala	39000
Ishan Prabhu Raveshia	69625
Nalini Prabhu Raveshia	47750
Nanda Ashok Gheewala	25000
Ishan P Raveshia (HUF)	20875
Neha Ishan Raveshia	27500
Gaurav P Raveshia	4000
Total	300000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Inorganic Pigments.
Exports :
Products :	Inorganic Pigments
Countries :	· Vietnam · Singapore
Imports :
Products :	Raw Material
Countries :	· UK · China · Sri Lanka
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

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

GENERAL INFORMATION

Suppliers :

· Sheth Enterprises

· Aanchal Enterprise

· Aayush Logistics

· Advance Received

· H. Engineering

· Aircom Network

· Ajramarji Packaging

· Ambika Paints

· Anand Enterprise

· Anmol Rajendra Parcel Service

· Anshi Fork-Lift Service

Customers :

End Users

· Berger Paint Limited

· Ambika Trading Corporation

· Amol Dye Chem

· A To Z Chemicals

· City Cat Overseas Chemicals Limited

· C J Chemicals Private Limited

· Contact Polymers Private Limited

· Divar Chemicals Private Limited

· Eurosyntec Chemicals Private Limited

· Kamala Distributor

No. of Employees :

37 (Approximately)

Bankers :

· Bank of Baroda, IBB Branch, Mathru Ashish Building, S. V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

· Punjab National Bank

· State Bank of India

Facilities :

Cash Credit Rs.72.500 Millions (From Bank of Baroda)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Punjab National Bank	2.530	2.283
Less : Current maturities of long-term borrowings [Secured by Equitable Mortgage of Plant and Machinery. The term loan was taken during the financial year 2010-2011 and carries interest@15.50% p.a. the loan is repayable in 60 monthly installments of Rs. 0.056 Million each along with interest, from the date of loan.]	(0.670)	(0.706)
Punjab National Bank	1.550	3.247
Less : Current maturities of long-term borrowings [Secured by Equitable Mortgage of Factory Land and Buildings at GIDC Vapi with hypothetication of Plant & Machinery and other assets and the personal guarantees of all directors and equitable mortgage of immovable properties of an associate concern. The term loan was taken during the financial year 2007-2008 and carries interest@ 15.50% p.a. the loan is repayable in 60 monthly installments of Rs. 0.142 Millions each along with interest, from the date of loan.]	(1.550)	(1.697)
Working Capital Facility
Punjab National Bank [Secured by hypothetication of Book-Debts and Stocks and collaterally secured by block of fixed assets and the personal guarantees of all directors. The cash credit is repayable on demand and carries interest @ 15.5 % p.a.]	30.602	21.881
Total	32.462	25.008

Banking Relations :	--
Auditors :
Name :	G. B. Laddha and company Chartered Accountants
Address :	2, Second Floor, Sahara Market, Vapi – 396191, Gujarat, India
Tel. No.:	91-260-2425966
E-Mail :	gbladdha@gmail.con
Website :	www.gbladdha.com
PAN No.:	AAEFG2280N

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.906	10.269	7.297
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.906	13.269	10.297
LOAN FUNDS
1] Secured Loans		32.462	25.008	20.447
2] Unsecured Loans		24.261	5.768	11.137
TOTAL BORROWING		56.723	30.776	31.584
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		73.629	44.045	41.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.604	24.062	24.643
Capital work-in-progress		0.836	0.295	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.493	0.067	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.225	15.194	12.187
	Sundry Debtors	28.107	26.662	19.020
	Cash & Bank Balances	5.529	1.069	0.313
	Other Current Assets	0.316	3.536	0.000
	Loans & Advances	8.459	11.470	7.728
Total Current Assets		67.636	57.931	39.248
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.186	31.505	20.464
	Other Current Liabilities	3.396	4.316	1.229
	Provisions	2.358	2.489	0.420
Total Current Liabilities		17.940	38.310	22.113
Net Current Assets		49.696	19.621	17.135
MISCELLANEOUS EXPENSES		0.000	0.000	0.103
TOTAL		73.629	44.045	41.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	192.698	158.024	88.906
		Other Income	1.806	0.133	0.013
		Job Work Charges	0.000	0.000	2.514
		TOTAL (A)	194.504	158.157	91.433
Less	EXPENSES
		Cost of Materials Consumed	147.399	116.389
		Changes in inventories of finished goods work-in progress and Stock-in-Trade	(9.392)	(1.679)
		Other Expenses	32.223	22.716
		Employee Benefits Expense	9.372	7.791
		Leasehold Land Amortisation	0.020	0.020
		TOTAL (B)	179.622	145.237	81.584
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.882	12.920	9.849
Less	FINANCIAL EXPENSES (D)		5.711	3.885	3.808
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.171	9.035	6.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.249	4.473	5.046
	PROFIT BEFORE TAX (E-F) (G)		4.922	4.562	0.995
Less	TAX (H)		1.285	1.590	0.347
	PROFIT AFTER TAX (G-H) (I)		3.637	2.972	0.648
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.769	2.797	2.149
	BALANCE CARRIED TO THE B/S		9.406	5.769	2.797
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	45.718	33.116	11.308
	TOTAL EARNINGS		45.718	33.116	11.308
	IMPORTS
		Raw Materials	11.998	0.113	NA
	TOTAL IMPORTS		11.998	0.113	NA
	Earnings Per Share (Rs.)		12.12	9.91	2.16

Particulars	31.03.2013
Sales Turnover (Approximately)	272.300

Expected Sales (2013-2014): Rs.500.000 Millions

The above information has been parted by Mr. Mehul Shah

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.87	1.88	0.71
Net Profit Margin (PBT/Sales)	(%)	2.55	2.89	1.12
Return on Total Assets (PBT/Total Assets}	(%)	5.45	5.56	1.56
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.10
Debt Equity Ratio (Total Debt/Networth)		3.36	2.32	3.07
Current Ratio (Current Asset/Current Liability)		3.77	1.51	1.77

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
total outstanding dues of Micro and Small Enterprises	--	--
total outstanding dues of other creditors	12.186	31.505
Total	12.186	31.505	20.464

Partial Details

(Rs. in Millions)

Particular	31.03.2012
Aanchal Enterprise	0.021
Aayush Logistics	0.012
Advance Received	0.079
A. H. Engineering	0.006
Aircom Network	0.001
Ajramarji Packaging	0.013
Ambika Paints	0.021
Anand Enterprise	0.006
Anmol Rajendra Parcel Service	0.005
Anshi Fork-Lift Service	0.004

Sr. No.	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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
From Directors	2.075	3.025
From Relatives of Directors	2.737	2.743
Trade Deposit	19.449	0.000
Total	24.261	5.768

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Bank Guarantee given to Custom Authority	0.453	0.421

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24224GJ2003PTC042058
Name of the company	VOXCO PIGMENTS AND CHEMICALS PRIVATE LIMITED
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 – 396195, Gujarat, India E-mail: ashok.gheewala@voxco.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10406944
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, IBB Branch, Mathru Ashish Building, S. V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India E-mail: intmum@bankofbaroda.com
Nature of instrument creating charge	Composite hypothecation agreement for stocks, book- debts, vehicles, movable machinery dated 21.01.2013 and instrument relating to deposit of title deed dated 12.03.2013
Date of instrument Creating the charge	12.03.2013
Amount secured by the charge	Rs.72.504 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan I,Term Loan II, Cash Credit - BR+3.50%, i.e 14% p.a at present PACKING CREDIT/FBP/FBD - BR+1.25% Terms of Repayment As per agreement Margin Term Loan I and Term Loan II (Take over from Punjab National Bank, Vapi) - 25% on Machinery and Equipments Packing Credit/FBP/FBD - 10% on FOB value of Export Order Cash Credit (Take over from Punjab National Bank, Vapi) - 25% for RM, SIP, FG, Stores and Spares and 40% for Book Debts upto 90 days. ILC/FLC(DA/DP) - 15% in form of FDR Extent and Operation of the charge As per agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all of Borrower's Raw Materials, Stock-in-Process, Semi finished goods, Finished goods, Stores and spares, Packing Materials and All the present and future Book Debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities and All tangible movable machinery, plant and cranes, boats and crafts, vehicles and the furniture, fixtures and fittings and office equipments whether installed or not both present and future whether lying loose or pertaining to the Borrower's works at Industrial Plot No. 794, 794/1/A and 794/1/B, GIDC Vapi, Dist. Valsad, Gujarat – 396195 and Equitable Mortgage of Land and Building situated at Plot No. 794, 794/1/A and 794/1/B, GIDC Vapi, District Valsad in the name of company.
Particulars of the present modification	By this present modification the charge is further secured by deposit of title deeds relating to Land and Building situated at Plot No. 794, 794/1/A and 794/1/B, GIDC Vapi, District Valsad in the name of the Company.

TRADE REFERENCE

· Sheth Enterprises, Vapi

· Berger Paint Limited, Kolkata

FIXED ASSETS

Tangible Assets

· Site Development

· Buildings

· Office Equipments

· Laboratory Equipment

· Furniture and Fixtures

· Plant and Machinery

· Electrical Installation

· High Efficiency Boilers

· Pollution Control System

· Vehicle

· Computer and Printer

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 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.53.95
UK Pound	1	Rs.83.81
Euro	1	Rs.70.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.