MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	UNISOURCE PAPERS PRIVATE LIMITED
Registered Office :	201/202 – A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400056, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.02.2005
Com. Reg. No.:	11-189684
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U51909MH2005PTC189684
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Processing Papers.
No. of Employees :	26 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 84500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Fernandes
Designation :	Accounts Manager
Contact No.:	91-22-26136600
Date :	01.11.2011

LOCATIONS

Registered/ Head Office :	201/202 – A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26136600
Fax No.:	91-22-26175455
E-Mail :	headoffice@unipaper.in inder.aurora@unipaper.in
Website :	www.unipaper.in
Location :	Rented
Factory 1 :	Gat No. 280, Plot No. ½/3 and 15, Kuruli, Nanekarwadi, Taluka Khed, District Pune – 410501, Maharashtra, India
Location :	Owned
Factory 2 :	Gat No. 1033 and 1034, Plot No. 619, Village Shiroli, Taluka Rajguru Nagar, District Pune – 410505, Maharashtra, India
Tel. No.:	91-2135-306809/18
Fax No.:	91-2135-306816
E-Mail :	info@unipaper.in
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Inder Aurora

Designation :

Director

Address :

41/ 42, Muktangan, 4^th Floor, Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

12.07.1961

Date of Appointment :

07.02.2005

DIN No.:

00625001

Other Directorship :

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
U51900MH1993PTC073494	Garima Trade Services Private Limited	Director	5/04/1995	5/04/1995	-	Active	NO
U51396MH1995PTC087180	Tradecom International Private Limited	Managing director	1/04/2010	5/04/1995	-	Active	NO
U51909MH2005PTC189684	Unisource Papers Private Limited	Director	7/02/2005	7/02/2005	-	Active	NO

Name :

Mr. Satpal Aurora

Designation :

Director

Address :

41/ 42, Muktangan, 4^th Floor, Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

08.11.1931

Date of Appointment :

07.02.2005

DIN No.:

00654692

Other Directorship :

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
U51900MH1993PTC073494	Garima Trade Services Private Limited	Director	5/04/1995	5/04/1995	15/10/2011	Active	NO
U51396MH1995PTC087180	Tradecom International Private Limited	Director	1/04/2009	5/04/1995	-	Active	NO
U51909MH2005PTC189684	Unisource Papers Private Limited	Director	7/02/2005	7/02/2005	-	Active	NO

Name :

Ms. Arti Aurora

Designation :

Director

Address :

41/ 42, Muktangan, 4^th Floor, Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

17.04.1962

Date of Appointment :

28.09.2007

DIN No.:

00983222

Other Directorship :

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
U51396MH1995PTC087180	Tradecom International Private Limited	Whole-time director	10/01/2009	1/10/1996	-	Active	NO
U51909MH2005PTC189684	Unisource Papers Private Limited	Director	10/01/2009	28/09/2007	-	Active	NO

Name :

Mr. Ghulamabbas Inayatali Khan

Designation :

Director

Address :

Sagar Tower Co-operative Housing Society Limited, Flat No. A/124, 12^th Floor, Fair Deal Road, Off. S. V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

08.06.1968

Date of Appointment :

01.02.2010

Date of Ceasing :

23.05.2011

DIN No.:

02942585

Other Directorship :

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
U51909MH2005PTC189684	Unisource Papers Private Limited	Director	1/02/2010	1/02/2010	23/05/2011	Active	NO
U51396MH1995PTC087180	Tradecom International Private Limited	Director	1/02/2010	1/02/2010	23/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Fernandes
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Inder Aurora	5000
Harmeet Baxi	300000
Ranjit Baxi	250000
Tradecom International Private Limited, India	2695000
Michael Kelso	500000
Total	3750000

As on 23.05.2011

Names of Allottee	No. of Shares
Tradecom International Private Limited	1000000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As On 30.09.2010

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	28.00
Bodies corporate	71.87
Directors or relatives of Directors	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Processing Papers.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Kraft Liner Board	48042900
Coated and Uncoated Paper	48101390
Coated Gloss Paper in sheet	48101990

Terms :

Selling :

L/C/ Cash/ Credit

Purchasing :

L/C/ Cash/ Credit

PRODUCTION STATUS AS ON 31.03.2011

PARTICULARS	ACTUAL PRODUCTION
Paper	5558075
Paper Wool	257867

GENERAL INFORMATION

Suppliers :

· JA Paper

Customers :

End Users

· Newora Pack

No. of Employees :

26 (Approximately)

Bankers :

Vijaya Bank, Fort Branch, Emca House, 289, S. B. S. Road, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Bank Cash Credit
Cash Credit – Vijaya Bank – fort(500706211000001)	15.033	18.132
Cash Credit – Vijaya Bank – Pune(500406211000003)	0.429	1.136
VB-WCTL A/c 500709041000027 (secured by the way of Hypothecation on Stocks and Debtors and pledge of premises)	9.964	12.589
From Bank – Term Loan
Term Loan – Vijaya Bank (500709041000019)	7.046	8.377
Term Loan – Vijaya Bank (500709041000021) (secured by way of hypothecation of Factory Building and Plant and Machinery and other assets)	4.931	6.081
Term Loan – 500709041000042	2.831	0.000
VB- Car Loan A/c No. 500708411000019 (Xylo Car)	0.537	0.000
Total	40.771	46.315
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Tradecom International Private Limited	5.590	6.130
Total	5.590	6.130

Banking Relations :	--
Auditors :
Name :	Shan and Chhadva Chartered Accountant
Address :	313, Janmabhoomi Chambers, 29, Walchand, Hirachand Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22616228/ 22705659
E-Mail :	saraichura@rediffmail.com
PAN.:	AABPS9137P
Holding Company :	· Tradecom International Private Limited
Associates :	· Garima Trade Services Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs.47.500 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares (Out of above 2695000 Shares are held by Holding Company – Tradecom International Private Limited)	Rs.10/- each	Rs.37.500 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		37.500	32.500	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		16.375	13.952	18.561
NETWORTH		21.125	18.548	11.439
LOAN FUNDS
1] Secured Loans		40.771	46.315	44.178
2] Unsecured Loans		5.590	6.130	8.090
TOTAL BORROWING		46.361	52.445	52.268
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		67.486	70.993	63.707
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.579	40.264	39.566
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.010	0.010
DEFERREX TAX ASSETS		2.690	3.605	4.300
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.888	23.764	13.519
	Sundry Debtors	13.980	30.290	13.035
	Cash & Bank Balances	0.499	0.006	0.002
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.192	7.717	6.712
Total Current Assets		60.559	61.777	33.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.488	32.523	11.655
	Other Current Liabilities	1.394	1.535	1.635
	Provisions	0.460	0.607	0.147
Total Current Liabilities		41.342	34.665	13.437
Net Current Assets		19.217	27.112	19.831
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.486	70.993	63.707

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	213.744	158.356	64.272
		Other Income	16.150	2.587	0.477
		TOTAL (A)	229.894	160.943	64.749
Less	EXPENSES
		Office Expenses
		Administrative Expenses	223.081	147.215	77.364
		Advertising Expenses
		TOTAL (B)	223.081	147.215	77.364
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.813	13.728	(12.615)
Less	FINANCIAL EXPENSES (D)		6.019	6.065	5.006
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.794	7.663	(17.621)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.302	1.927	1.787
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(1.508)	5.736	(19.408)
Less	TAX (H)		(0.915)	NA	(4.598)
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(2.423)	NA	(14.810)
	Earnings Per Share (Rs.)		(0.64)	NA	(4.93)

Expected Sales (2011-12) : Rs.300.000 Millions

The above information has been parted by Mr. Fernandes.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.05	NA	22.87
Net Profit Margin (PBT/Sales)	(%)	0.71	3.62	30.19
Return on Total Assets (PBT/Total Assets}	(%)	1.42	5.62	26.64
Return on Investment (ROI) (PBT/Networth)		0.07	0.31	1.69
Debt Equity Ratio (Total Liability/Networth)		4.15	4.69	5.74
Current Ratio (Current Asset/Current Liability)		1.46	1.78	2.48

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	38.443	29.699	10.225
Sundry Creditors for Expenses	1.099	2.719	0.905
Sundry Creditors for Assets	0.036	0.105	0.525
Total	39.488	32.523	11.655

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note : The registered address of the company Flat No. S -2, Industrial Floor W-19, Greater Kailash – II, New Delhi – 110048, India has shifted to present address 201/202 – A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India with effect from 11.12.2008.

REVIEW OF OPERATIONS

PERFORMANCE

During this year, The company's overall revenue has decreased marginally resulting in loss of Rs.1.508 Millions. The company has incurred loss during the year due to increase in the operating expenses. The raw materials are imported and the prices of these materials are subject to volatility. Due to increase in raw materials cost, and increase in other cost it has had an impact on the profitability of the firm. The company is expecting post reasonable amount of profit during the current and ensuing years, due to increase in the customer base.

OUTLOOK FOR THE CURRENT YEAR

The Paper and Paper products industry is booming and has an excellent potential. The Government of India has totally de-licensed the import of various grades of papers. With increasing per capita consumption of paper and paper board in India, which is presently about 6.5 kgs, there is an increasing demand of all imported paper varieties in Indian Market, To make the price competitive of this paper and paper board, company has planned to import stocks of lots of various grades, which are available at cheaper prices due to their odd sizes and other quality deficiencies. The promoters are in paper industry for over two decades and have deep knowledge of international as well as domestic market. In spite of huge handling/processing cost involved in process the company is in position to sell good quantum of processed papers at a competitive price in comparison to direct import of prime quality.

FORM 8

Corporate identity number of the company	U51909MH2005PTC189684
Name of the company	UNISOURCE PAPERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201/202 – A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India Email Id : inder.aurora@unipaper.in
This form is for	Creation of Charge
Type of charge	Others Mahindra XYLO Car
Particular of charge holder	Vijaya Bank, Fort Branch, Emca House, 289, S. B. S. Road, Mumbai – 400001, Maharashtra, India Email Id : mum.fort5007@vijayabank.co.in
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	27.10.2010
Amount secured by the charge	Rs.0.610 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 1.25% = 9.75% (floating) Terms of repayment 36 Equated Monthly Installment of Rs.0.020 Millions. Installment due on 27^th of every month commencing from 27.11.2010 Margin Margin to be maintained at 20% or at such other rate as may be stipulated by the bank from time to time Extent and operation of the charge Security created by way of first charge and to cover the principal amount together with interest, commitment charges, commission, discount, costs, expenses, etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Mahindra XYLO D2 – 7STR BS IV Car

TRADE REFERENCE

· Ja Paper

· Newora Pack

FIXED ASSETS

· Computers and Printers

· Electrical Fittings

· Land and Buildings

· Factory Land

· Motor Car

· Office Equipments

· Plant and Machinery

· Furniture and Fixtures

· Laboratory Equipments

· Factory Equipments

· Mobile Phone

· SAP Installation in Progress

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.49.37
UK Pound	1	Rs.78.49
Euro	1	Rs.67.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.