MIRA INFORM REPORT

Report No. :	318760
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	OSCAR CHEMICALS PRIVATE LIMITED

Registered Office :	403-404, Florence, Opposite Ashram Road Post Office, Ashram Road, Ahmedabad – 380 009, Gujarat
Tel. No.:	91-79-40070099

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.11.1994

Com. Reg. No.:	04-023648

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U24110GJ1994PTC023648

TAN No.: [Tax Deduction & Collection Account No.]	AHMO00050B

PAN No.: [Permanent Account No.]	AAACO2267L

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of chemicals, bulk drugs, pharmaceuticals, dyestuffs, dyes intermediates, pigments, solvents, metals.

No. of Employees :	15 (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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Kunal Kothari
Designation :	Director
Contact No.:	91-9924000014
Date :	21.04.2015

LOCATIONS

Registered Office :	403-404, Florence, Opposite Ashram Road Post Office, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-25622990/ 25621135/ 40070099
Mobile No.:	91-9924000014 (Mr. Kunal Kothari)
Fax No.:	91-79-25623527/ 40070096
E-Mail :	sid@oscarchemicals.com kunal@oscarchemicals.com info@oscarchemicals.com
Website :	http://www.oscarchemicals.com

DIRECTORS

As on 31.07.2014

Name :	Mr. Siddharth Sumer Kothari
Designation :	Director
Address :	B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India
Date of Appointment :	01.04.1997
DIN No.:	00260749

Name :	Mr. Sumer Bhurmal Kothari
Designation :	Director
Address :	B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India
Date of Appointment :	24.11.1994
DIN No.:	00260981

Name :	Mr. Kunal Sumer Kothari
Designation :	Director
Address :	B/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India
Date of Appointment :	15.06.2002
DIN No.:	00261093

Name :	Mr. Ashok Bhurmal Kothari
Designation :	Director
Address :	A/4, Blue Heaven, Shantiniketan Society, Near S.P. Colony, Ahmedabad – 380 013, Gujarat, India
Date of Appointment :	24.11.1994
DIN No.:	00261196

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

Names of Shareholders	No. of Shares	%age holding
Sumer Bhurmal Kothari	92270	18.45
Ashok Bhurmal Kothari	94810	18.96
Jyoti Sumer Kothari	125000	25.00
Heena Ashok Kothari	70000	14.00
Siddharth Sumer Kothari	33000	6.60
Kunal Sumer Kothari	34920	6.98
Ashok Kothari HUF	50000	10.00
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of chemicals, bulk drugs, pharmaceuticals, dyestuffs, dyes intermediates, pigments, solvents, metals.

Products :	Chemicals Bulk Drugs Pharmaceuticals Dyestuffs Dyes Intermediates Pigments Solvents Metals

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Not Divulged
Countries :	China Europe

Terms :
Selling :	Cash and Credit (30,60,90 Days)

Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Reference :	Deepak Fertilizers and Petrochemicals
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End users, OEMS

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

No. of Employees :

15 (Approximately)

Bankers :

Small Industries Development Bank of India, Navjivan Amritjayanti Bhavan, 1st Floor, Navjivanpost, Ahmedabad – 380 014, Gujarat, India
Punjab National Bank, Shahibag, Ahmedabad – 380 004, Gujarat, India

Bank Name	The Kalupur Commercial Co-Operative Bank Limited
Branch	Madhupura Branch, 106-109,1st Floor, Nilkanth Plaza, Opposite Police Comm, Ahmedabad - 380004, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash/credit: Rs. 70.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Axis Bank (Secured against Hypothecation of Car)	0.022	0.277
HDFC Bank Limited (Secured against Hypothecation of Car)	0.000	0.075
Daimler Financial Services India P. Limited. (Secured against Hypothecation of Car)	0.823	1.647
HDFC Bank Limited (Secured against Hypothecation of Car)	0.900	1.307
Short-term borrowings
Secured Loans From Banks (Secured against Hypothecation of stock and book-debts)
The Kalupur Commercial Co-Operative Bank Limited (Secured Against Stock, Book Debt and Other Moveables)	47.881	38.840
Total	49.626	42.146

Auditors :
Name :	Dimple V. Shah and Company Chartered Accountants
Address :	206, Saumya Complex, 5, Kalpana Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26421737/ 40047374
E-Mail :	dimple_ca@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ADAPS7282H

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.000	5.000	5.000
(b) Reserves & Surplus	19.187	16.854	17.146
(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)	24.187	21.854	22.146

(3) Non-Current Liabilities
(a) long-term borrowings	21.806	13.174	17.549
(b) Deferred tax liabilities (Net)	0.000	0.000	0.048
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.806	13.174	17.597

(4) Current Liabilities
(a) Short term borrowings	47.881	38.840	52.491
(b) Trade payables	81.526	123.210	19.714
(c) Other current liabilities	4.475	2.463	1.208
(d) Short-term provisions	2.430	0.655	0.375
Total Current Liabilities (4)	136.312	165.168	73.788

TOTAL	182.305	200.196	113.531

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.293	21.230	23.128
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.738	0.550	0.000
(c) Deferred tax assets (net)	0.261	0.111	0.000
(d) Long-term Loan and Advances	3.891	3.763	3.758
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.183	25.654	26.886

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.096	75.357	9.612
(c) Trade receivables	139.429	91.391	72.159
(d) Cash and cash equivalents	1.585	1.937	1.328
(e) Short-term loans and advances	4.012	5.857	3.546
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	159.122	174.542	86.645

TOTAL	182.305	200.196	113.531

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	824.645	576.514	427.736
	Other Income
	TOTAL	829.747	576.867	427.736

Less:	EXPENSES	824.645	576.514	426.729

	PROFIT/ (LOSS) BEFORE TAX	5.102	0.353	1.007

Add:	EXCEPTIONAL ITEM/PROFIT/(LOSS) ON SALE OF ASSET	0.025	(0.057)	0.000

Less:	PROVISION FOR TAXATION	1.775	0.280	0.375

Less:	DEFERRED TAX LIABILITY/(ASSET)	(0.150)	(0.160)	(0.007)

Less:	PREVIOUS YEAR I. TAX	0.000	0.000	0.022

	PROFIT/ (LOSS) AFTER TAX	3.502	0.176	0.617

Add:	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9.273	9.589	9.578

Less	APPROPRIATIONS
	Proposed Dividend	1.000	0.400	0.500
	Dividend Tax	0.170	0.067	0.081
	General Reserve	0.260	0.025	0.025
	Balance Carried to the B/S	11.345	9.273	9.589

	Earnings / (Loss) Per Share (Rs.)	7.00	0.35	1.23

Expected Sales (2014-2015) : Rs.1000.000 Million

The above information has been parted by Mr. Kunal Kothari

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.81	0.18	0.89

Return on Investment (ROI) (PBT/Networth)		0.21	0.02	0.05

Debt Equity Ratio (Total Debt /Networth)		2.88	2.38	3.16

Current Ratio (Current Asset/Current Liability)		1.17	1.06	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	17.146	16.854	19.187
Net worth	22.146	21.854	24.187

long-term borrowings	17.549	13.174	21.806
Short term borrowings	52.491	38.840	47.881
Total borrowings	70.040	52.014	69.687
Debt/Equity ratio	3.163	2.380	2.881

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	427.736	576.867	829.747
		34.865	43.837

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	427.736	576.514	824.645
Profit	0.617	0.176	3.502
	0.14%	0.03%	0.42%

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	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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
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	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

Note: The registered address of the company G/15, New Madhupura Market, Shahibaug, Ahmedabad, Gujarat, India has been shifted to the present address w.e.f. 19.06.2006.

FUTURE OUTLOOK

The Company hopes good Market Condition and hopefully have greater business in Trading and Manufacturing Divisions

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
LOANS FROM DIRECTORS
Ashok B. Kothari	1.516	0.659
Kunal S. Kothari	1.894	1.463
Siddharth S. Kothari	4.460	2.278
Sumer B. Kothari	9.402	0.852
Ashok Kothari (HUF)	1.229	0.050
Heena Ashok Kothari	0.118	0.328
Jyoti S. Kothari	0.240	1.177
Siddharth S. Kothari (HUF)	0.888	0.804
Sumer B. Kothari (HUF)	0.314	0.041
Sidfinechem (Mfg. Division)
Siddharth S. Kothari	0.000	0.566
Sumer B. Kothari	0.000	1.650
Total	20.061	9.868

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10560229	04/02/2015	15,400,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LTD.	MADHUPURA BRANCH, 106-109,1ST FLOOR,NILKANTH PLAZ A,OPP.POLICE COMM., AHMEDABAD, GUJARAT - 380004, I NDIA	C49524457
2	10382454	15/10/2014 *	132,400,000.00	THE KALUPUR COMMERCIAL CO.OP.BANK LTD.	MADHUPURA BRANCH, 106-109,1ST FLOOR, NILKANTH PLA ZA,OPP.POLICE COMM, AHMEDABAD, GUJARAT - 380004, I NDIA	C38042891
3	10382457	18/11/2014 *	80,000,000.00	THE KALUPUR COMMERCIAL CO.OP.BANK LTD.	MADHUPURA BRANCH, 106-109,1ST FLOOR, NILKANTH PLA ZA,OPP.POLICE COMM, AHMEDABAD, GUJARAT - 380004, I NDIA	C38039087

* Date of charge modification

FIXED ASSETS:

Air Condition (Florence)
Vehicles
Computer
Counter M/C
Electric Installation
Electronic Fan
Electronic Weighting Scale
Florence New Office
Forbes Vacume Cleaner
Fridge Godrej 170 ltr
Furniture(Florence)
Laser Printer
Mobile Instruments
Panasonic System
Passion Pro
Printer HP (3055)
RO System
Telephone (Florence)
Building
Electrification
Site Development
Computer
Furniture Fixtures
Laboratory Equipments
Miscellaneous Plant and Machinery
Land

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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	RAS

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit