MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	UNIQUE SHELL MOULD [INDIA] PRIVATE LIMITED
Registered Office :	7-9, South block private Industrial Estate, Sidco Coimbatore – 641021, Kurichi, Coimbatore – 641021, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.2001
Com. Reg. No.:	18-9677
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U27320TZ2001PTC009677
TAN No.: [Tax Deduction & Collection Account No.]	CMBU03042E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Non-Ferrous Castings - Aluminium alloy castings by Pressure die, Low-pressure die and Gravity die casting process.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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 a well 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

INFORMATION DECLINED BY

Name :	Mr. Arun
Designation :	Finance Executive
Date :	01.11.2011

LOCATIONS

Registered Office / Factory 1 :	7-9, South block private Industrial Estate, Sidco Coimbatore – 641021, Kurichi, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-3011400
Fax No.:	91-422-3011500
E-Mail :	uniqueshell@vsnl.net admin@uniqueshell.com
Website :	www.uniqueshell.com
Factory 2 :	895, SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-2679607
Fax No.:	91-422-2672176
E-Mail :	uniqueshell@vsnl.net

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Siddhanaickenpalayam Venkitasamynaidu Jagadesan

Designation :

Managing Director

Address :

70, Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India

Date of Birth/Age :

16.06.1946

Date of Appointment :

24.03.2004

Din No.:

00001578

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	U27310TZ1987PTC002013	INDO SHELL CAST PRIVATE LIMITED	Managing director	21-07-87	21-07-87	-	Active	NO
2	U74999TZ1962PLC000470	SOUTH WESTERN ENGINEERING INDIA LIMITED	Director	20-09-00	20-09-00	28-01-11	Active	NO
3	U27320TZ2001PTC009677	UNIQUE SHELL MOULD INDIA PRIVATE LIMITED	Managing director	29-09-01	29-09-01	-	Active	NO
4	U27106TZ2003PTC010833	ISC ALLOY CASTINGS INDIA PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

Name :

Mrs. Jagadeesan Pushpaveeni

Designation :

Director

Address :

70, Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India

Date of Birth/Age :

16.09.1951

Date of Appointment :

29.09.2001

Din No.:

00458409

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	U27310TZ1987PTC002013	INDO SHELL CAST PRIVATE LIMITED	Director	22-02-01	22-02-01	-	Active	NO
2	U27320TZ2001PTC009677	UNIQUE SHELL MOULD INDIA PRIVATE LIMITED	Director	29-09-01	29-09-01	-	Active	NO
3	U27106TZ2003PTC010833	ISC ALLOY CASTINGS INDIA PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

Name :

Mr. J Ganesh Kumar

Designation :

Director

Address :

70, Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India

Date of Birth/Age :

28.08.1972

Date of Appointment :

29.09.2001

Din No.:

01752672

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	U27310TZ1987PTC002013	INDO SHELL CAST PRIVATE LIMITED	Managing director	22-02-01	22-02-01	-	Active	NO
2	U27320TZ2001PTC009677	UNIQUE SHELL MOULD INDIA PRIVATE LIMITED	Director	29-09-01	29-09-01	-	Active	NO
3	U27106TZ2003PTC010833	ISC ALLOY CASTINGS INDIA PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

Name :

Mr. Jagadesan Ramprakash

Designation :

Director

Address :

70, Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India

Date of Birth/Age :

29.01.1977

Date of Appointment :

24.03.2004

Din No.:

00001586

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	U27310TZ1987PTC002013	INDO SHELL CAST PRIVATE LIMITED	Managing director	22-02-01	22-02-01	-	Active	NO
2	U27320TZ2001PTC009677	UNIQUE SHELL MOULD INDIA PRIVATE LIMITED	Managing director	12-03-01	12-03-01	-	Active	NO
3	U27106TZ2003PTC010833	ISC ALLOY CASTINGS INDIA PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.08.2011

Names of Shareholders	No. of Shares
S V Jagadesan	145000
J Pushpaveeni	105000
J Ganesh Kumar	105000
J Ramprakash	105000
Indo Shell Cast Private Limited, India	140000
Total	600000

AS ON 24.08.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Non-Ferrous Castings - Aluminium alloy castings by Pressure die, Low-pressure die and Gravity die casting process.
Products :	Non-Ferrous Castings

GENERAL INFORMATION

Bankers :

· ICICI Bank Limited, Cheran Towers, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India

· State Bank of India, SSI Branch, Sidco Industrial Estate, Coimbatore – 641021, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit
Centurion Bank Limited	0.000	(0.014)
State Bank of India	14.162	5.917
Term Loan
State Bank of India	14.603	14.861
Vehicle Finance
HDFC	1.860	2.713
Less : Unmetered Finance Charges	7.166	10.447
Total	30.486	23.187
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Managing Director	2.000	0.000
Total	2.000	0.000

Banking Relations :	--
Auditors :
Name :	VKS Aiyer and Company Chartered Accountant
Address :	Mecheri Manor, No.2, S. R. Iyer Layout, Trichy Road, Coimbatore – 641045, Tamilnadu, India
PAN No.:	AACFV1533H
Associates/Subsidiaries :	· Indo Shell Cast Private Limited · Balaji Plastic Product · Unique Industry

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.021	55.617	50.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.021	61.617	56.400
LOAN FUNDS
1] Secured Loans		30.486	23.187	37.509
2] Unsecured Loans		2.000	0.000	0.000
TOTAL BORROWING		32.486	23.187	37.509
DEFERRED TAX LIABILITIES		11.279	11.870	13.118
TOTAL		114.786	96.674	107.027
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.457	76.327	75.564
Capital work-in-progress		1.450	0.000	0.000
INVESTMENT		5.258	5.907	0.685
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.131	18.648	13.745
	Sundry Debtors	89.644	44.482	54.618
	Cash & Bank Balances	0.093	5.131	0.647
	Other Current Assets	0.127	0.209	0.026
	Loans & Advances	15.677	18.777	14.639
Total Current Assets		130.672	87.247	83.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.581	53.275	32.099
	Other Current Liabilities	14.268	10.158	12.125
	Provisions	8.202	9.376	8.673
Total Current Liabilities		106.051	72.809	52.897
Net Current Assets		24.621	14.438	30.778
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		114.786	96.674	107.027

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		611.043	384.154	367.664
	Other Income		1.415
	Total		612.458	384.154	367.664
Less	EXPENSES
		Office Expenses
		Administrative Expenses	579.584	360.018	341.054
		Advertising Expenses
		TOTAL (B)	579.584	360.018	341.054
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.874	24.136	26.610
Less	FINANCIAL EXPENSES (D)		6.084	4.584	5.222
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.790	19.552	21.388
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.681	12.078	11.437
	PROFIT BEFORE TAX (E-F) (G)		13.109	7.474	9.951
Less	TAX (I)		3.705	2.256	3.873
	PROFIT AFTER TAX (G-I) (J)		9.404	5.218	6.078
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		55.618	50.400	44.322
	BALANCE CARRIED TO THE B/S		65.021	55.618	50.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	24.142	24.896	26.580
	TOTAL EARNINGS		24.142	24.896	26.580
	IMPORTS
		Raw Materials	0.346	1.023	0.696
	TOTAL IMPORTS		0.346	1.023	0.696
	Earnings Per Share (Rs.)		15.67	8.70	10.13

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.53	1.35	1.65
Net Profit Margin (PBT/Sales)	(%)	2.14	--	--
Return on Total Assets (PBT/Total Assets}	(%)	6.12	4.56	6.24
Return on Investment (ROI) (PBT/Networth)		0.18	0.12	0.17
Debt Equity Ratio (Total Liability/Networth)		1.95	1.56	2.29
Current Ratio (Current Asset/Current Liability)		1.23	1.19	1.58

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:-

During the year, the Company achieved a net sale; turnover of Rs. 611.043 millions (Last Year Rs. 384.154 millions). The increase in sales was due to higher production and increase in sale price of aluminum castings due to revival of customer demands. The sales include exports for Rs 28.049 millions as against Rs 26.689 millions in the previous period. Even though there is steep escalations in the cost of raw materials and consumables, the net profits for the company is satisfactory, when compared with previous year. During the year, the Wind Mills (1 nos.), generated 10,52,602 Units (11,34,875 Units). The entire power generated were transferred and consumed by the foundry division, substituting purchased power for a value of Rs. 3.718 millions (Rs.3.972 millions).

FORM 8

Corporate identity number of the company	U27320TZ2001PTC009677
Name of the company	UNIQUE SHELL MOULD INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7-9 South Block, Private Industrial Estate, SIDCO, Coimbatore-641021 Kurichi, E – 641021, Tamil Nadu, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, SSI Branch, SIDCO Industrial Estate,, Coimbatore, - 641021, Tamil Nadu, INDIA
Nature of instrument creating charge	Letter of Arrangement dated 08.02.2010
Date of instrument Creating the charge	08/02/2010
Amount secured by the charge	Rs. 62.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at 0.75% above SBAR, present effective rate 12.50% Terms of repayment Term Loan (NEW) in 84 monthly installments of Rs.0.092 millions. Margin 25% Extent and operation of the charge hyp. of raw materials, semi finished and finished goods, receivables, consumable spares and other current assets. hyp of plant and machinery, EM over 2 acres of vacant agri. land st SF No.232/1 and 232/2, puliampatti village windmill with land and building and EM over building constructed out of TL Other Particulars of Existing and New loans in millions rupees CC - Rs.15.000 Rs. 15.000 millions LC - Rs.7.500 Rs. 7.500 millions TL - NIL Rs. 7.700 millions BG - NIL Rs. 0.500 millions
Short particulars of the property charged (Including location of the property)	EM of industrial land and building extent of 21.9 cents and building area of 2754 sq.ft at SF no.186/4 part 186/5 part, 186/6A1 part and 186/A2A part in No.59, plot no. 1, kurichi village, CBE EM of industrial land and building extent of 35.09 cents and building area of 4930 sq.ft at SF no.186/6 in No.59, plot no. 7,8 and 9, kurichi village, CBE EM of industrial land and building extent of 65.07 cents and building area of 5176 sq.ft at SF no.186/4 part 186/5 a part, 186/6A1 part and 186/A2A part in No.59, plot no. 2,3 and 4, kurichi village, CBE EM of industrial land and building extent of 34.05 cents and building area of 3888 sq.ft at SF no.172, shed, kurichi industrial estate, CBE DT
Date of instrument modifying the charge	30/11/2009
Particulars of the present modification	New Term Loan of RS.7.700 millions And Bank Guarantee of Rs 0.500 millions Availed on 08.02.2010

FIXED ASSETS :

· Land

· Borewell

· Factory Building

· Plant and Machinery

· Pattern and Dies

· Vehicle – Car

· Vehicle Motorcycles

· Air Containers

· Tool and Jigs

· Office Equipments

· Computer and Printer

· Furniture Fittings

· Cycle

· Wind Mill – Machinery

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. 49.08
UK Pound	1	Rs. 78.65
Euro	1	Rs. 67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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	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	-

Maximum Credit Limit :

USD 280000

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.