Step 1: Recall the use of fish by-products.
Isinglass is a collagen-rich substance obtained from the swim bladder of certain fishes.
It is widely used as a clarifying (fining) agent in
\[
\boxed{\text{Wine and beer}.}
\]
Step 2: Eliminate the remaining options.
\[
\begin{aligned}
\text{Fish guano} &\rightarrow \text{Organic manure}
\text{Shagreen} &\rightarrow \text{Leather prepared from fish skin}
\text{Ovaprim} &\rightarrow \text{Hormonal preparation used for induced breeding in fishes}
\end{aligned}
\]
Step 3: Choose the correct option.
Therefore,
\[
\boxed{(C)\ \text{Isinglass}}
\]
is the correct answer.