MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	UNIPRODUCTS (INDIA) LIMITED
Registered Office :	Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangwari, Rewari – 123401, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.12.1982
Com. Reg. No.:	05-014785
Capital Investment / Paid-up Capital :	Rs.87.432 Millions
CIN No.: [Company Identification No.]	U45201HR1982PLC014785
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Automotive Components and Non-woven Fabric
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 2120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangwari, Rewari – 123401, Haryana, India
Tel. No.:	91-1274 – 249349 / 50 91-120-2585590
Fax No.:	91 – 1274 – 249347 91-120-2585031
E-Mail :	uniproductsrewari@unitexindia.com preeti@unitexindia.com
Website :	http://www.unitexindia.com
Head Office :	Khasra No.360-361, Village Jonapur, Mehrauli, New Delhi- 110 047, Delhi, India
Tel. No.:	91 – 11 - 6637920 / 6836278 / 6832108 / 6834890 / 6820346
Fax No.:	91 – 11 – 6820319
E-Mail :	Uniprod.delhi@gems.vsnl.net.in
Corporate Office / Administrative Office:	C – 15, Sector 57, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-2585097 / 2585590 / 2587176 / 77
Fax No.:	91-120-2585031
E-Mail :	uniproducts@unitexindia.com
Factory:	Survey No.25/3, Thgachuguppe, Opposite: Vivekananda Institute of Technology, Kengeri Hobli, Bangalore-560 074, India

DIRECTORS

As on 26.08.2011

Name :

Mr. Ravinder Mehra

Designation :

Director

Address :

36, Senneville Road, Senneville, H9X1B6, Canada

Date of Birth/Age :

04.08.1941

Qualification :

B.A.

Date of Appointment :

24.02.1983

DIN :

00687921

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	24/02/1983	24/02/1983	Active	NO
2	U55101DL2007PTC170719	DARRAMEKS HOTELS AND DEVELOPERS PRIVATE LIMITED	Director	30/09/2010	18/02/2010	Active	NO

Name :

Dr. Ashwan Kapur

Designation :

Managing Director

Address :

15 Ring Road, Lajpat Nagar - IV, New Delhi – 110024, India

Date of Birth/Age :

04.08.1955

Qualification :

Ph. D.

Date of Appointment :

02.12.1982

DIN :

00568432

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Managing director	2/12/1982	2/12/1982	Active	NO
2	U74899DL1990PTC039170	METORE MINING PRIVATE LIMITED	Director	9/2/1990	9/2/1990	Active	NO
3	U51396DL1994PTC059081	UNICEL IMPEX PRIVATE LIMITED	Director	17/05/1994	17/05/1994	Active	NO
4	U45201DL2001PTC111859	SAMARTH REALTERS PRIVATE LIMITED	Director	24/11/2001	24/11/2001	Strike off	NO
5	U25206DL2005PTC143671	JUKEN UNIPRODUCTS PRIVATE LIMITED	Director	20/09/2010	14/12/2005	Active	NO
6	U55101DL2007PTC170719	DARRAMEKS HOTELS AND DEVELOPERS PRIVATE LIMITED	Director	26/11/2007	26/11/2007	Active	NO

Name :

Mr. Chand Kishan Hazari

Designation :

Director

Address :

D-910, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

05.05.1923

Qualification :

B.Com. and A.C.A.

Date of Appointment :

13.02.1985

DIN :

00050536

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PTC015771	CORE LEASE FINANCE PRIVATE LIMITED	Director	21/05/1983	21/05/1983	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	13/02/1985	13/02/1985	-	Active	NO
3	L31909RJ1981PLC012073	SAMTEL INDIA LTD. (TRANSFER FROM DELHI TO RAJASTHAN)	Director	10/11/1989	10/11/1989	-	Active	NO
4	L74899DL1985PLC022553	PNR CAPITAL SERVICES LIMITED	Director	29/05/1990	29/05/1990	-	Active	NO
5	U51909DL1997PTC090130	ASCEND EXPORTS PRIVATE LIMITED	Director	5/12/1998	5/12/1998	-	Active	NO
6	L99999HR1994PLC034146	HB ESTATE DEVELOPERS LIMITED	Director	24/12/2003	24/12/2003	8/2/2010	Active	NO

Name :

Mr. Bhaskar Dutta

Designation :

Director

Address :

84, Banarasi Dass Estate, Lucknow Road, Timarpur, Delhi – 110054, India

Date of Birth/Age :

10.03.1935

Qualification :

Ph. D.

Date of Appointment :

07.12.1988

DIN :

00715001

Name :

Mr. Prithvi Raj Khanna

Designation :

Director

Address :

House No. 70, Sunder Nagar, New Delhi -110003, India

Date of Birth/Age :

02.07.1933

Qualification :

B.Com., F.C.A.

Date of Appointment :

21.11.2005

DIN :

00048800

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1978PLC009038	INDAG RUBBER LIMITED	Director	20/01/2000	20/01/2000	-	Active	NO
2	L45101DL1967PLC004759	ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED	Director	30/08/2003	30/08/2003	-	Active	NO
3	L74899DL1989PLC035140	DCM SHRIRAM INDUSTRIES LIMITED	Director	5/10/2005	5/10/2005	-	Active	NO
4	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	21/11/2005	21/11/2005	-	Active	NO
5	U65991MH2002GOI137867	UTI ASSET MANAGEMENT COMPANY LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
6	U64201DL1984PLC019062	CONTROLS AND SWITCHGEAR CONTACTORS LIMITED	Director	17/02/2006	17/02/2006	30/07/2007	Active	NO
7	U74999MH2006NPL163665	NABHA DEVELOPMENT INITIATIVE	Director	8/8/2006	8/8/2006	10/8/2006	Active	NO
8	U34200DL2008PTC172214	CARNATION AUTO INDIA PRIVATE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
9	U74999DL1979PTC009494	SELECT INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2009	8/5/2009	-	Active	NO
10	U31909DL1971PLC005672	C&S ELECTRIC LIMITED	Director	18/12/2009	9/7/2009	-	Active	NO
11	U25203DL2006PLC153993	CONTINENTAL INDIA LIMITED	Director	29/09/2009	20/08/2009	14/03/2011	Active	NO
12	U65900MH2011PTC217430	UTI CAPITAL PRIVATE LIMITED	Additional director	25/08/2011	25/08/2011	-	Active	NO

Name :

Mr. Surinder Lal Kapur

Designation :

Director

Address :

161, A/! Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

07.03.1937

Qualification :

M.A., L.L. B., I.A.S.[Retired]

Date of Appointment :

27.12.2000

DIN :

00033312

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	27/12/2000	27/12/2000	-	Active	NO
2	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	23/08/2002	23/08/2002	28/03/2007	Active	NO
3	U74999DL2002PLC117052	ALCHEMIST ASSET RECONSTRUCTION COMPANY LIMITED	Director	31/12/2003	31/12/2003	-	Active	NO
4	U74999DL2004PTC128172	ISHARA FOUNDATION FOR FINANCE AND RURAL DEVELOPMENT	Director	9/8/2004	9/8/2004	-	Active	NO
5	L65190MH2003PLC143249	YES BANK LIMITED	Nominee director	27/04/2010	27/01/2005	-	Active	NO
6	U74999DL1977PTC008682	ANIKA INTERNATIONAL Private LIMITED	Director	1/2/2005	1/2/2005	1/1/2009	Active	NO
7	U18101DL2003PLC123708	SARA TEXTILES LIMITED	Director	30/08/2005	30/08/2005	27/03/2010	Active	NO
8	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
9	L45201DL1983PLC016821	ANSAL HOUSING AND CONSTRUCTION LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
10	U92199DL1999PTC102156	AERENS ENTERTAINMENT ZONE Private LIMITED	Director	27/09/2007	22/05/2007	13/05/2008	Active	NO
11	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	30/09/2009	26/09/2008	-	Active	NO

Name :

Mr. Avinash Prakash Gandhi

Designation :

Director

Address :

C-2/14, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

01.10.1938

Qualification :

B.E. [Mechanical]

Date of Appointment :

30.10.2003

DIN :

00161107

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	12/5/2005	12/5/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	6/10/2005	6/10/2005	-	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	1/9/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Additional director	6/3/2011	3/5/2008	-	Active	NO
15	U34102AP1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	-	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	3/3/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	-	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	6/3/2010	6/3/2010	-	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	5/8/2011	9/4/2011	-	Active	NO

Name :

Mr. Arun Kumar Ayudhia Nath Seth

Designation :

Director

Address :

30A, Friends Colony West, New Delhi – 110065, India

Date of Birth/Age :

15.01.1942

Qualification :

M.B.A.

Date of Appointment :

05.09.2009

DIN :

00794656

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25206DL2005PTC143671	JUKEN UNIPRODUCTS PRIVATE LIMITED	Director	14/12/2005	14/12/2005	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	5/9/2009	17/11/2008	Active	NO

KEY EXECUTIVES

Name :	Ms. Preeti Gandhi
Designation :	Company Secretary
Address :	23/136, Lodhi Colony, New Delhi – 110003, India
Date of Birth/Age :	20.04.1982
Date of Appointment :	24.07.2008
PAN :	AKVPG9563F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2011

Equity Share Break Up 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	69.80
Bodies corporate	5.26
Directors or relatives of Directors	15.95
Other top fifty shareholders	5.20
Others	3.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automotive Components and Non-woven Fabric
Products :	· Wall to Wall Floor Coverings · Automotive Moulded Carpets · Interlinings · NVH Insulations

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Floor Coverings	Kg. #	6500000	5804629
Nonwoven Light Weights	Kg. #	650000	111316
N.V.H. Products	Kg. #	5000000	4498378

# On standard Product Mix. As certified by the Management and relied upon by the Auditors.

GENERAL INFORMATION

Customers :

· Maruti Suzuki

· Toyota

· TATA

· Ford

· Hanil Lear

· Mahindra

· Renault

· Antolin

· Hanil Lear India Private Limited

· Fiat

No. of Employees :

Not Available

Bankers :

· State Bank of Patiala, Commercial Branch, Chadralok Building, 36, Janpath, New Delhi – 110001, India

· State Bank of Hyderabad

· Citi Bank

· The Hongkong and Shanghai

· Banking Corporation Limited

Facilities :

Secured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Banks
Rupee Term loans	373.915	373.485
Working capital Loans - Cash Credit	250.211	174.566
Loan taken for vehicles	2.848	8.326
Total	626.974	556.377

NOTES :

1. Cash Credit facilities from banks are secured by hypothecation of inventories and book debts, both present and future, and by way of mortgage of all movable properties on pari- passu basis.

2. Term Loans from banks are secured by way of mortgage by deposit of respective title deeds in respect of all the Company’s immovable properties, both present and future, on a pari-passu basis.

3. Vehicle Loan is secured by way of hypothecation of vehicles financed.

Unsecured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Short Term Loans and Advances from bank	84.200	84.200
Other Loans and Advances	20.000	22.000
Total	104.200	106.200

Banking Relations :	-
Auditors :
Name :	S.N. Dhawan and Company Chartered Accountants
Address :	C – 37, Connaught place, New Delhi – 110001
PAN :	AAQFS0580H
Holding Company:	Uniproducts Mauritius Limited
Associates :	Unicel Impex Private Limited Uniproducts India Employee Welfare Trust
Joint Venture:	Juken Uniproducts Private Limited
Associates:	Unicel Impex Private Limited Uniproducts India Employee Welfare Trust (A Trust created for ESOP)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- Each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8743180	Equity Shares	Rs.10/- Each	Rs.87.432 millions

Note : Out of the above shares issued, 64, 13,925 (Previous year 64,13,925) of Rs.10/- each fully paid up are held by Uniproducts Mauritius Limited, the Holding Company.

As on 26.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- Each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,193,180	Equity Shares	Rs.10/- Each	Rs.91.932 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		87.432	87.432	87.432
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		443.741	430.824	402.685
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		531.173	518.256	490.117
LOAN FUNDS
1] Secured Loans		626.974	556.377	645.145
2] Unsecured Loans		104.200	106.200	64.000
TOTAL BORROWING		731.174	662.577	709.145
DEFERRED TAX LIABILITIES		99.171	96.343	83.490
TOTAL		1361.518	1277.176	1282.752
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1054.295	999.329	1045.706
Capital work-in-progress		55.118	33.557	2.780
INVESTMENT		11.340	11.340	11.340
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	250.549	188.871	165.035
	Sundry Debtors	208.612	226.761	200.361
	Cash & Bank Balances	5.644	12.197	8.944
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.226	84.745	95.193
Total Current Assets		550.031	512.574	469.533
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.569	176.383	155.447
	Other Current Liabilities	81.441	72.882	71.840
	Provisions	28.256	30.359	19.320
Total Current Liabilities		309.266	279.624	246.607
Net Current Assets		240.765	232.950	222.926
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1361.518	1277.176	1282.752

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1751.627	1559.504	1193.503
		Other Income	18.676	25.074	32.925
		TOTAL (A)	1770.303	1584.578	1226.428
Less	EXPENSES
		Consumption materials changes inventories	1056.455	920.123	859.773
		Manufacturing Service costs	177.410	183.293	119.210
		Employee related expenses	209.901	158.862	96.670
		Administrative, selling and other expenses	141.965	114.847	0.200
		Research and development expenses	1.097	1.934	5.891
		TOTAL (B)	1586.828	1379.059	1081.744
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		183.475	205.519	144.684
Less	FINANCIAL EXPENSES (D)		63.865	68.059	59.301
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		119.610	137.460	85.383
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.833	77.699	64.883
	Prior period items before tax		[0.350]	[0.480]
	PROFIT BEFORE TAX		31.427	59.281	20.500
Less	TAX		8.127	12.853	14.321
	PROFIT AFTER TAX		23.300	46.428	6.179
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.276	73.661	75.665
Less	APPROPRIATIONS
		Proposed Dividend		13.989	6.994
		Tax on Proposed Dividend	8.942	2.378	1.189
		General Reserve		4.446	0.000
	BALANCE CARRIED TO THE B/S		113.634	99.276	73.661
	EARNINGS IN FOREIGN CURRENCY
		Commission		0.713	0.736
		Special Discount		0.010	0.205
	TOTAL EARNINGS		0.889	0.723	0.941
	IMPORTS
		Raw Materials	84.727	86.962	75.059
		Stores & Spares	9.110	16.401	12.703
		Capital Goods	24.138	5.347	46.670
		Trading Goods	73.095	42.338	40.817
	TOTAL IMPORTS		191.070	151.048	175.249
	Earnings Per Share (Rs.)		2.66	5.31	0.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	2.93	0.50
Net Profit Margin (PBT/Sales)	(%)	1.79	3.80	1.72
Return on Total Assets (PBT/Total Assets}	(%)	1.96	3.92	1.35
Return on Investment (ROI) (PBT/Networth)		0.06	0.11	0.04
Debt Equity Ratio (Total Liability/Networth)		1.96	1.82	1.95
Current Ratio (Current Asset/Current Liability)		1.78	1.83	1.90

LOCAL AGENCY FURTHER INFORMATION

Company History:

Promoted by Ravi Mehra, owner of Uniproducts Canada, Subject is managed by Chairman Ravi Mehra and Managing Director Ashwan Kapur. Subjec makes a wide range of needle punch and chemically bonded non-woven products. The company markets its products under the Unitex brand name. It is a market leader in wall-to-wall carpets, moulded car carpets and fusible and non-fusible interlinings. The company is the largest supplier of moulded car carpets to Maruti Udyog. The company obtained the ISO 9002 certification from the Bureau of Indian Standards, in Nov.'95. The company has arrived at an understanding with M/s Kimberly Clark a multinational company for supply of thermo bonded cover stock to them. The company has entered into a Technical Know-how agreement with Rieter Automotive Systems, Switzerland, in 1999-2000, for manufacture of NVH and heat shield components. Rieter is among the world's largest and reputed companies in this field and this will provide immense benefits to the company.

OPERATIONS

The Company has recorded another year of growth in sales in the financial year 2010-11; Overall sales increased by 14% over the previous year, and sales of the lifestyle division increased by 39%. The pre-tax profit decreased by 47% to Rs. 31.427 millions, while the profit after tax decreased by 49% to Rs. 23.300 millions. A steep increase in raw material prices together with high manpower cost impacted the Company’s profitability. Furthermore, high interest costs due to an increase in interest rates coupled with reduced capacity utilization also contributed to the decline in profitability. The Company has taken steps to reduce costs and improve efficiencies, tap new business opportunities, diversify its product portfolio, enhance value addition to its customer base and maximize capacity utilization with least cost to improve profitability. With these efforts the Company hopes to generate higher revenues and profitability. The Company will invest in new technology and assets for product diversification and to make available adequate manufacturing capacities for the growth that it expects in the forthcoming years. The Company continues to pursue “customer delight” through manufacture of world class products at competitive prices. This is reflected in the slogan “Customer is King”, and to achieve this end, the Company has implemented Total Productivity Management (TPM) techniques in production. It pursues lean manufacturing diligently for improving efficiencies, productivity and yield. Product diversification and new product development have been identified as thrust areas and several greener, recyclable and lighter products have been launched over the years which now contribute steadily to the Company’s turnover and profits. They continue to lay emphasis on safety and health, quality systems and cost reductions through VA/VE. Institution of energy audits and implementation of the recommendations to optimize energy consumption, as well as strict control over overhead costs is also given due importance.

FUTURE PROSPECTS

Automotive growth is expected to be healthy during 2011-12, and the long term outlook continues to be bullish with the cars to be manufactured in India estimated to be 5 million by the year 2015-16 and 7.5 million by the year 2020-21. India has become a hub for small cars, as well as for outsourcing of auto components as almost all major global car manufacturers have set up manufacturing facilities in India. Their Company is well established to participate in this growth story through its existing wide range of products which it supplies to most car manufacturers in India. The Company anticipates cost pressures, but plans to maintain its margins through improved productivity, cost reductions, VA/VE measures and focus on high value added products. Further the Company intends to increase sales of its lifestyle division during 2011-12 by adding new products and new and improved varieties to its existing product portfolio.

JOINT VENTURE WITH JUKEN TECHNOLOGY LIMITED, SINGAPORE

The Company had incorporated a joint venture company namely “Juken Uniproducts Private Limited” under the shareholder’s agreement entered into with Juken Technology Limited, a Singapore based company in the year 2005-06. This Company commenced commercial production on July 31, 2006. During the financial year ended March 31, 2011, it has achieved gross sales of Rs. 91.998 millions and profit before tax of Rs. 13.211 millions on the basis of unaudited results. The Company’s products have been well received by the customers in the Indian and overseas markets, and the Directors are confident that this joint venture will achieve higher sales and profits in the coming financial year.

SETTING UP OF MANUFACTURING FACILITY AT CHENNAI

The Company acquired prime industrial land at SIPCOT Industrial Growth Centre, Oragadam, Chennai in the year 2007-08 with the aim of setting up a manufacturing facility to cater to the Company’s future growth. The construction of the factory was commenced in December 2009 and completed in April 2011. Commercial production from this facility commenced on April 30, 2011. Supplies to the OEM customers based in South India are now being made from here. The Company also plans to secure business for supply to the commercial vehicle segment from this location. It has received its first order from Renault – Nissan for supply of NVH components for their trucks from Chennai.

SURRENDER OF FACTORY LICENCE OF NOIDA UNIT

The operations at C-15, Sector 57, Noida were discontinued in December 2008. Initially, in anticipation that the operations may be revived in future, the Company did not surrender the factory license. Now, however, in view of the possibility that the Company may not commence operations at C-15, Sector 57, Noida, the factory license was surrendered in December 2010. A major part of the premises has been provided to the Joint Venture Company Juken Uniproducts Private Limited for their use, and a part of the premises has been retained for the Company’s corporate office for which registration under U.P. Shops and Establishment Act, 1962 has been obtained.

Contingent Liabilities :

Contingent Liabilities not provided for in respect of

Rs. in millions

Particulars	31.03.2011	31.03.2010
i) Letters of Credit	123.017	109.248
ii) Bank Guarantees	88.871	86.084
iii) Local Area Development Tax	7.096	5.205
iv) Excise duty show cause notices contested by the Company	197.025	190.856
v) Demands against the Company not acknowledged as debts and not provided for in respect of which the Company is in appeal
Sales Tax	34.182	23.143
Passenger Goods Tax	2.527	0.000
IncomeTax	1.422	1.144

Bankers Charges Report as per Registry

Corporate identity number of the company	U45201HR1982PLC014785
Name of the company	UNIPRODUCTS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Jarthal Village Road, 84 Km Stone, Delhi Jaipur Road, P .O. Sangwari,Rewari – 123401, Haryana, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90044559
Type of charge	Immovable Property
Particular of charge holder	State Bank of Patiala, Commercial Branch, Chadralok Building, 36, Janpath, New Delhi – 110001, India Email : sbpcbnd@yahoo.co.in
Nature of instrument creating charge	Memorandum of Entry Evidencing Extension of Equitable Mortgage.
Date of instrument Creating the charge	29.08.2011
Amount secured by the charge	Rs.620.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - CC @ 3.75% above base rate, present effective ROI 13.75% P.A. (Floating) with monthly rests. Terms of Repayment - as per agreement. Margin – 25% Extent and Operation of the charge - pari passu charge. Others – the above is to secure the following credit facilities :- (Rs. in millions) Cash Credit = 80.000 Letter of Credit = 142.500 Bank Guarantee = 7.500 Term Loan (I, II, III) = 290.000 Corporate Loan = 100.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari passu first charge by hypothecation of plant and machinery and other fixed assets subject to prior exclusive charge in favour of UNDP (net block of Rs.405.700 millions net of revaluation reserve as on 31.3.2004).
Date of instrument modifying the charge	29.08.2011
Particulars of the present modification	Term loan I, II and III of Rs.290.000 millions and corporate loan of Rs.100.000 millions (out of Rs. 620.000 millions) Shall also be secured by 1st pari passu charge over company's immovable Property Sit. At B-36, Sipcot Ind. Park, Oragadam and Village Panchor and Ladhuwas Gujjar, Tehsil and District Rewari and Plot No.14 and 15, Block-C, Sector-57, Noida together with all building and struc. Thereon or to be thereon and all plant/machinery Installed therein/to be therein.

Fixed Assets:

Tangible Assets

• Land Freehold
• Leasehold
• Buildings
• Plant and Machinery
• Office Equipments
• Furniture and Fixture
• Computer

Intangible Assets

• Software

Website Details:

Milestones

1986  Commercial production of wall to wall carpets and chemical bond interlinings

1992  Production of Moulded carpet and Trims

1995  Production of NVH Components

1998  Production of thermo bond non woven fabric

1999  Production of Heat Shields

2002  Acquisition of HP Pelzer India Private Limited

2003  Production of Resin Felt and Poly Urethane parts

2004 Production of Headliner and Random Velour Fabrics on state of the art German machines

2005  Production of Thermoplastic felt

2006  Introduction of state of the art Latexing line

2007  Introduction of High Capacity Needle Punch line

2008 New line for manufacturing of Thermoplastic Felt –

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.52.22
UK Pound	1	Rs.81.54
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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		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

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.