MIRA INFORM REPORT

Report Date :

02.08.2008

IDENTIFICATION DETAILS

Name :	UNIK CORPORATION
Registered Office :	B-116, Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2008 (Provisional)
Year of Establishment :	1988
TAN No.: [Tax Deduction & Collection Account No.]	MUMU00981B
PAN No.: [Permanent Account No.]	AAAFU8647D
Legal Form :	Partnership Concern with an Unlimited Liability Partners.
Line of Business :	Manufacturer of various kinds of stainless steel utensils, cutlery wares table wares farrows, non farrows, metal etc.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established concern having satisfactory trade. Partners are reported as experienced respectable and having satisfactory means of their own. Trade relations are fair. Business is active. Payments are reported as slow at times but correct. The concern can be considered for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/ Factory/ Branch Office :	B-116, Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-23617169/ 28682869/ 2863033/ 28051869/ 28061995
Mobile No.:	91-9820832888/ 9820634349
Fax No.:	91-22-28682869/ 2863033
E-Mail :	kunaldodia@hotmail.com unikcorporation@gmail.com
Area :	5000 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Pratap Dodia
Designation :	Partner
Address :	506, Sujata Apartment, Crops
Date of Birth/Age :	19^th June
Qualification :	Graduate
Name :	Mr. Mahipat Dodia
Designation :	Partner
Address :	601, Corner, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	12^th August
Qualification :	Graduate
Name :	Mr. Ajay Dodia
Designation :	Partner
Address :	504, Sujata Apartment, Crops
Date of Birth/Age :	24^th April
Qualification :	Graduate
Name :	Mrs. Lalita Dodia
Designation :	Partner
Address :	506, Sujata Apartment, Crops

BUSINESS DETAILS

Line of Business :	Manufacturer of various kinds of stainless steel utensils, cutlery wares table wares farrows, non farrows, metal etc.
Terms :
Selling :	Credit (100 days)
Purchasing :	Cash

GENERAL INFORMATION

Customers :	Wholesalers Best Buy Insurance Bright International Crystal Impex DMW Export Private Limited G M Brother King Metal Works Madan Metal Manek Metal Industries Nitin Kitchenware India Private Limited Pre Paid Expenses R R Exports Ravi Export Sarika Stainless Steel Sumangal Metal Industries Sun Bright and Company Urvashi Industries Varun Industries Limited White Design Export Limited
Suppliers :	Abhinav International Adinath Enterprises Apex Enterprises C B Parekh Chamunda Metal Corporation Chhaganlal and Company Datacomp Computers Godrej Hicare Limited Haresh Enterprises Hitesh Trading Company J J Shah and Company Kumar Wire Cloth Manufacturer Company M A Parekh and Associates National Hardware Stores Priti Metal Sargam Packaging Shah Tempo Services Shree Nakoda Metal Industries Veer Plastics
No. of Employees :	100
Bankers :	State Bank of India, Kandivali Branch

Banking Relations :	-
Auditors :
Name :	C. B. Parekh and Company Chartered Accountant
Associates/Subsidiaries :	Universal Packaging

CAPITAL STRUCTURE

(PARTNERS CURRENT ACCOUNT)

(As on 31.03.2007)

MR. AJAY M. DODIA

	Rs. In Millions		Rs. In Millions
To,		By,
Opening Balance	0.375	Personal Account	0.507
Interests Paid	0.050	Share of Profit	0.123
Firm Income Tax	0.045	Remuneration From Firm	0.150
Firm Fringe Benefit Tax	0.006	Closing Balance	0.420
Firm TDS	0.001
Society Maintenance	0.020
Income Tax	0.012
Mediclaim	0.014
LIC	0.117
Personal Account	0.500
Drawing	0.060
Total	1.200	Total	1.200

MRS. LALITA M. DODIA

	Rs. In Millions		Rs. In Millions
To,		By,
Society Maintenance	0.011	Opening Balance	0.218
Firm Income Tax	0.045	Share of Profit	0.123
Firm Fringe Benefit Tax	0.006	Interests on Capital	0.032
Firm TDS	0.001	Personal Account	0.900
BEST	0.035
Personal Account	0.740
Drawing	0.024
Closing Balance	0.411
Total	1.273	Total	1.273

MR. MAHIPAT M. DODIA

	Rs. In Millions		Rs. In Millions
To,		By,
Mediclaim	0.010	Opening Balance	0.776
LIC	0.100	Personal Account	1.251
Firm Income Tax	0.045	Remuneration from firm	0.150
Firm Fringe Benefit Tax	0.006	Interests on Capital	0.241
Firm TDS	0.001	Share of Profit	0.123
Income Tax	0.013
Personal Account	0.300
Drawing	0.120
Closing Balance	1.946
Total	2.541	Total	2.541

MR. PRATAP M. DODIA

	Rs. In Millions		Rs. In Millions
To,		By,
Mediclaim	0.013	Opening Balance	0.844
LIC	0.110	Personal Account	0.107
Firm Income Tax	0.045	Share of Profit	0.123
Firm Fringe Benefit Tax	0.006	Remuneration from firm	0.150
Firm TDS	0.001	Interests on Capital	0.140
BEST	0.004
Income Tax	0.024
Drawing	0.036
Closing Balance	1.125
Total	1.364	Total	1.364

(PARTNERS CAPITAL ACCOUNT)

(As on 31.03.2007)

MR. AJAY M, DODIA

To,	Rs. In Millions	By,	Rs. In Millions
Closing Balance	0.189	Opening Balance	0.189
Total	0.189	Total	0.189

MRS. LALITA M. DODIA

To,	Rs. In Millions	By,	Rs. In Millions
Closing Balance	0.186	Opening Balance	0.186
Total	0.186	Total	0.186

MR. MAHIPAT M. DODIA

To,	Rs. In Millions	By,	Rs. In Millions
Closing Balance	0.304	Opening Balance	0.304
Total	0.304	Total	0.304

MR. PRATAP M. DODIA

To,	Rs. In Millions	By,	Rs. In Millions
Closing Balance	0.361	Opening Balance	0.361
Total	0.361	Total	0.361

(As on 31.03.2008)

Capital Investment :
Owned :	Rs.2.883 Millions
Borrowed :	-
Total :	Rs.2.883 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 (Provisional)	31.03.2007
SHAREHOLDERS FUNDS
1] Partners Capital Accounts		2.883	4.522
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.544	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.427	4.522
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		4.373	3.105
TOTAL BORROWING		4.373	3.105
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		7.800	7.627
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.536	1.515
Capital work-in-progress		0.000	0.000
INVESTMENT		0.350	0.350
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.894	3.268
	Sundry Debtors	2.567	4.284
	Cash & Bank Balances	(0.342)	0.193
	Other Current Assets	0.457	0.421
	Loans & Advances	0.000	0.086
Total Current Assets		7.576	8.252
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4.662	2.154
	Provisions	0.000	0.336
Total Current Liabilities		4.662	2.490
Net Current Assets		2.914	5.762
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		7.800	7.627

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 (Provisional)	31.03.2007
Sales Turnover		13.165	16.588
Other Income		0.060	0.120
Total Income		13.225	16.708
Net Profit		0.539	0.490
Expenditures :
	Cost of Goods Sold	6.105	9.393
	Partners. Remuneration	0.360	0.450
	Payment to Auditors	0.000	0.024
	Interest	0.532	0.593
	Depreciation & Amortization	0.535	0.297
	Other Expenditure	5.154	5.461
Total Expenditure		12.686	16.218

KEY RATIOS

PARTICULARS		31.03.2008 (Provisional)	31.03.2007
PAT / Total Income	(%)	4.08	2.93
Net Profit Margin (PBT/Sales)	(%)	4.09	2.95
Return on Total Assets (PBT/Total Assets}	(%)	4.45	5.02
Return on Investment (ROI) (PBT/Networth)		0.16	0.11
Debt Equity Ratio (Total Liability/Networth)		2.64	1.24
Current Ratio (Current Asset/Current Liability)		1.63	3.31

LOCAL AGENCY FURTHER INFORMATION

Trade Reference:

G. M. Bros

Tel No.91-22-22064232

Varun Industries Limited

Tel No.:91-22-23727400

PROJECTED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Partners Capital Accounts		4.600	3.900	3.360
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.782	0.686	0.595
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.382	4.586	3.955
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.500	3.000	3.700
TOTAL BORROWING		2.500	3.000	3.700
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.882	7.586	7.655
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.600	3.130	3.700
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.102	5.352	4.652
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	5.900	5.700	5.000
	Cash & Bank Balances	0.280	0.204	0.203
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		6.180	5.904	5.203
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7.000	6.800	5.900
	Provisions	0.000	0.000	0.000
Total Current Liabilities		7.000	6.800	5.900
Net Current Assets		(0.820)	(0.896)	(0.697)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.882	7.586	7.655

PROJECTED PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Sales Turnover		19.850	17.250	15.000
Other Income		0.000	0.000	0.060
Total Income		19.850	17.250	15.060
Net Profit		0.782	0.686	0.594
Expenditures :
	Cost of Goods Sold	10.800	9.200	7.840
	Partners. Remuneration	0.350	0.360	0.360
	Miscellaneous Expenses	0.176	0.140	0.125
	Interest	0.700	0.750	0.700
	Depreciation & Amortization	0.500	0.570	0.600
	Other Expenditure	6.542	5.544	4.841
Total Expenditure		19.068	16.564	14.466

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.42.37
UK Pound	1	Rs.84.01
Euro	1	Rs.65.96

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	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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