MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	AOC INDIA PRIVATE LIMITED
Registered Office :	Apartment No.2, Pooja Enclave, Behind Cummins, Women’s Engineering College, S No.11/2, Karve Nagar, Pune – 411052, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.12.2008
Com. Reg. No.:	133265
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24132PN2008PTC133265
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	PNEA11564A
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polyester Resin.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Not Available
Comments :	Subject is an established company having a moderate track. The company has incurred a huge accumulated loss which has eroded the Net worth of the company during 2014. However, business is active. Payment terms are slow. The company can be considered for business dealings on safe and 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Jitendra Bhawale
Designation :	Finance Manager
Contact No.:	91-20-25472011
Date :	10.12.2014

LOCATIONS

Registered Office :	Apartment No.2, Pooja Enclave, Behind Cummins, Women’s Engineering College, S No.11/2, Karve Nagar, Pune – 411052, Maharashtra, India
Tel. No.:	91-20-25472011
Mobile No.:	91-9011080688 (Mr. Jitendra Bhawale)
Fax No.:	91-20-66963120
E-Mail :	asia@aoc-resins.com jbavale@aoc-resins.com
Website :	http://www.aoc-resins.com
Area :	3500 sq. ft.
Location :	Owned
Factory:	Located at: Wada, Thane

DIRECTORS

As on 25.09.2014

Name :

Mr. John William Griggs

Designation :

Director

Address :

330, Parkview Dr. Piperton, USA - 38017

Date of Birth/Age :

23.03.1951

Date of Appointment :

30.09.2009

DIN No.:

02503700

Name :

Mr. Stephen Charles Olle

Designation :

Director

Address :

Manderley Manor, Hadleigh Road, Ipswich, United Kingdom – 1P20BT

Date of Birth/Age :

01.12.1960

Date of Appointment :

30.09.2009

DIN No.:

02503712

Name :

Mr. Tod Brian Parker

Designation :

Director

Address :

229, Monarch Bay Dr. Dana Point, California US

Date of Birth/Age :

01.01.1962

Date of Appointment :

17.08.2011

DIN No.:

03528187

Name :

Mr. Vijay Mukund Limaye

Designation :

Director

Address :

3/6, Shailendra Society, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Date of Birth/Age :

07.07.1972

Date of Appointment :

25.09.2014

DIN No.:

00005377

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200PN2004PTC018951	ENCODEX SALES AND SERVICES PRIVATE LIMITED	Director	25/02/2004	25/02/2004	-	Under Process of Striking off	NO
2	U29299PN2006FTC129189	GEICO PAINT SHOP INDIA PRIVATE LIMITED	Director	31/10/2006	31/10/2006	-	Active	NO
3	U72200PN1993PLC020149	YAAN E-SITES LIMITED	Director	25/07/2008	10/12/2007	-	Active	NO
4	U11200PN2008PTC131825	HAMEX FUEL CELL PRIVATE LIMITED	Director	16/04/2008	16/04/2008	16/04/2008	Active	NO
5	U45402PN2009PTC133792	WOODSTONE FACADES & GLAZINGS PRIVATE LIMITED	Director	16/04/2009	16/04/2009	31/03/2012	Active	NO
6	U45200PN2009PTC134046	MAHA URJAA UTILITIES PRIVATE LIMITED	Director	29/05/2009	29/05/2009	01/10/2012	Active	NO
7	U30007PN1993PTC071236	SIDDHIVINAYAK COMPUTERS PVT LTD	Director	24/08/2009	01/07/2009	-	Active	NO
8	U45200PN2012PTC143371	DATTAKRUPA REALTIES PRIVATE LIMITED	Director	11/05/2012	11/05/2012	-	Active	NO
9	U24132PN2008PTC133265	AOC INDIA PRIVATE LIMITED	Director	25/09/2014	19/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Kanjmag and Company
Designation :	Company Secretaries
Address :	1-2, Aishwarya Sankul, Survey No. 17, G A Kulkarni Path, Opposite Joshi Railway Museum, Kothrud, Pune – 411038, Maharashtra, India
Tel No.:	91-25466265/65204591/65296055
Fax No.:	91-20-25461561
Website:	www.kanjmagcs.com

MAJOR SHAREHOLDERS

As on 25.09.2014

Names of Shareholders	No. of Shares
AOC LLC, USA	9900
AOC Investments Company LLC, USA	100
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyester Resin.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT DIVULGED

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not divulged

Bankers :

· HDFC Bank

· Bank of America

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working Capital Demand Loan From HDFC Bank	0.000	130.000
Working Capital Loan from Bank of America	50.000	0.000
Pre-shipment/post-shipment credit in foreign currency	92.012	0.000
Total	142.012	130.000

Auditors :
Name :	MZSK and Associates Chartered Accountant
Address :	Business Bay, Level3, Plot No. 84, Wellesley road, Near RTO (Sangam Bridge), Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26225500
Fax No.:	91-20-26225670
Website :	www.mzsk.in
PAN No.:	AACFK6470E
Memberships :	-----
Collaborators :	-----
Holding company:	AOC LLC, USA

CAPITAL STRUCTURE

As on 25.09.2014

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
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(16.088)	(18.246)	(26.110)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(15.988)	(18.146)	(26.010)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.064	0.063
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.330	0.000	0.000
Total Non-current Liabilities (3)	0.330	0.064	0.063
(4) Current Liabilities
(a) Short term borrowings	142.012	130.000	129.894
(b) Trade payables	48.500	76.821	38.065
(c) Other current liabilities	1.048	0.167	0.000
(d) Short-term provisions	0.000	0.000	0.179
Total Current Liabilities (4)	191.560	206.988	168.138
TOTAL	175.902	188.906	142.191
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.783	3.104	3.039
(ii) Intangible Assets	0.016	0.000	0.000
(iii) Capital work-in-progress	0.094	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.562	34.012	17.379
(e) Other Non-current assets	5.737	2.413	0.233
Total Non-Current Assets	44.192	39.529	20.651
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.805	37.859	33.357
(c) Trade receivables	66.460	84.941	56.917
(d) Cash and cash equivalents	7.977	5.652	19.267
(e) Short-term loans and advances	21.468	20.925	11.999
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	131.710	149.377	121.540
TOTAL	175.902	188.906	142.191

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	366.531	392.521	196.478
Less	EXPENSES	361.866	384.180	206.959
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4.665	8.341	(10.481)
Less/ Add	DEPRECIATION/ AMORTISATION	0.482	0.476	0.536
	PROFIT/ (LOSS) BEFORE TAX	4.183	7.865	(11.017)
Less	TAX	2.026	0.001	0.004
	PROFIT/ (LOSS) AFTER TAX	2.157	7.864	(11.021)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	223.279	276.468	0.000
	TOTAL EARNINGS	223.279	276.468	0.000
	IMPORTS
	Raw Materials	9.927	25.460	0.000
	TOTAL IMPORTS	9.927	25.460	0.000
	Earnings / (Loss) Per Share (Rs.)	215.79	786.40	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.38	4.16	(7.75)
Return on Investment (ROI) (PBT/Networth)		-0.26	(0.43)	0.42
Debt Equity Ratio (Total Debt /Networth)		-8.88	(7.16)	(4.99)
Current Ratio (Current Asset/Current Liability)		0.69	0.72	0.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(26.110)	(18.246)	(16.088)
Net worth	(26.010)	(18.146)	(15.988)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	129.894	130.000	142.012
Total borrowings	129.894	130.000	142.012
Debt/Equity ratio	(4.994)	(7.164)	(8.882)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	196.478	392.521	366.531
		99.779	(6.621)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Inocome	196.478	392.521	366.531
Profit	(11.021(	7.864	2.157
	(5.61%)	2.00%	0.59%

LOCAL AGENCY FURTHER INFORMATION

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Tally 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. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.