MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	UNIMECH SYSTEMS (CHENNAI) PRIVATE LIMITED
Registered Office :	No 9 Rumani Street, U. R. Nagar Padi, Chennai Tamil Nadu – 600050
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.10.2006
Com. Reg. No.:	18-061275
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29192TN2006PTC061275
TAN No.: [Tax Deduction & Collection Account No.]	CHEU03630E CHEU03585B
PAN No.: [Permanent Account No.]	AAACU8525D AAAFU0209K
Legal Form :	Private Limited Liability Company.
Line of Business :	Sales and Service of Carrier and Emerson Precision Air conditioner.
No. of Employees :	75 (Approximately)

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 27000
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	No 9 Rumani Street, U R Nagar Padi, Chennai – 600050, Tamil Nadu, India
Tel No.:	91-44-26680834
Fax No.:	Not Available
E-Mail :	acbalamurugan@yahoo.com
Area :	1000 sq. ft.
Locations :	Owned
Administrative office :	Old No 9, New No.17,10^th Avenue Harrington Road, Chennai 600031 Tamil Nadu India
Tel. No.:	91-44-26680824/ 26680834/ 26680814
Fax No.:	91-44-26680834
Email :	Unimech_hvac@yahoo.co.in
Area :	2000 sq. ft.
Locations :	Rented
Corporate Office :	No.2, Barnaby Road, Kilpauk, Chennai-600010, Tamil Nadu, India
Tel. No.:	91-44-26610669 / 26610679
Mobile No.:	91-9841016272 (Mr. K. Balamurughan)
Email :	unimech_hvac@yahoo.co.in

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kalaimoorthy Balamurugan
Designation :	Director
Address :	6, Reganathan Garden, Annannagar, Chennai-600040, Tamil Nadu, India
Date of Birth/Age :	27.12.1968
Date of Appointment :	06.10.2006
DIN No.:	00779861

Other Directorship:

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	U29192TN2006PTC061275	Unimech Systems (Chennai) Private Limited	Director	06-10-06	06-10-06	Active	NO
2	U29192KA2006PTC041288	Unimech Systems (Bangalore) Private Limited	Director	26-12-06	26-12-06	Active	NO

Name :	Mr. Nithya Balamurugan
Designation :	Director
Address :	6, Reganathan Garden, Annannagar, Chennai-600040, Tamil Nadu, India
Date of Birth/Age :	31.01.1976
Date of Appointment :	06.10.2006
DIN No.:	02266227

Other Directorship:

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	U29192TN2006PTC061275	Unimech Systems (Chennai) Private Limited	Director	06-10-06	06-10-06	Active	NO
2	U29192KA2006PTC041288	Unimech Systems (Bangalore) Private Limited	Director	26-12-06	26-12-06	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
K. Balamurugan	8000
K. Vathsala	1000
Nithya Balamurugan	1000
Total	10000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Sales and Service Dealer for Carrier and Emerson Precision Air conditioner.

GENERAL INFORMATION

No. of Employees :

75 (Approximately)

Bankers :

· Indian Overseas Bank, Aminji Karai, 409, Poonamallee High Road, Chennai-600029, Tamil Nadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks and Financial Institutions	1.605	3.846
Total	1.605	3.846
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors	3.639	2.024
Total	3.639	2.024

Banking Relations :
Auditors :
Name :	SB SB and Associates Chartered Accountant
Address :	K 89, Anna Nagar East, Chennai-600102, Tamil Nadu, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.721	3.607	0.696
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.821	3.707	0.796
LOAN FUNDS
1] Secured Loans		1.605	3.846	5.412
2] Unsecured Loans		3.639	2.024	0.833
TOTAL BORROWING		5.244	5.870	6.245
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.065	9.577	7.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.611	3.827	0.419
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.350	0.350	1.350
DEFERREX TAX ASSETS		0.026	0.008	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.494	0.497	1.499
	Sundry Debtors	29.984	27.051	15.476
	Cash & Bank Balances	8.229	6.303	11.486
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.033	8.452	5.021
Total Current Assets		57.740	42.303	33.482
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.327	30.515	20.037
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	12.372	6.433	8.215
Total Current Liabilities		46.699	36.948	28.252
Net Current Assets		11.041	5.355	5.230
MISCELLANEOUS EXPENSES		0.037	0.037	0.037
TOTAL		12.065	9.577	7.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	92.890		92.616
		Other Income		NA
		TOTAL	92.890		92.616
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Financial Expenses	88.652	NA	89.538
		Depreciation
		Advertising Expenses
		TOTAL	88.652		89.538
	PROFIT BEFORE TAX		4.238		3.078
				NA
Less	TAX		1.124		2.624
	PROFIT AFTER TAX		3.114	2.910	0.454
	Earnings Per Share (Rs.)		311.43	291.02	45.37

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.35	NA	0.49
Return on Total Assets (PBT/Total Assets}	(%)	7.26	NA	9.08
Return on Investment (ROI) (PBT/Networth)		0.62	NA	0.83
Debt Equity Ratio (Total Liability/Networth)		7.61	11.55	43.34
Current Ratio (Current Asset/Current Liability)		1.24	1.14	1.19

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OF THE COMPANY

During the year the company has achieved Profit after tax of Rs 3.114 millions (Previous Year Rs 2.910 millions). As mentioned in their report during the previous year the company has achieved significant improvement in turnover and profitability. The company has sufficient orders and the directors expect a continued improved performance during the next financial year.

FORM 8

Corporate identity number of the company	U29192TN2006PTC061275
Name of the company	UNIMECH SYSTEMS (CHENNAI) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No 9 Rumani Street, U R Nagar Padi, Chennai – 600050, Tamil Nadu, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Indian Overseas Bank, Aminji Karai, 409, Poonamallee High Road, Chennai-600029, Tamil Nadu, India
Nature of instrument creating charge	1) Letter of Hypothecation (for securing machineries / vehicles / goods / book - debts). 2) Letter of Hypothecation ( in case of open advances only). 3) Hypothecation of Book Debts.
Date of instrument Creating the charge	03.04.2009
Amount secured by the charge	Rs. 4.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest OCC : 11.50% p.a. (BPLR - 1%) Terms of repayment OCC : Repayable on demand Margin OCC : 25% on stocks and 50% on book debts LG : 25% Other Nature of Facility Amount (Rs. in Millions) OCC 2.000 LG 2.000 TOTAL 4.000 All other terms and conditions as per the Sanction Letter and Instruments executed on 03.04.2009.
Short particulars of the property charged (Including location of the property)	Hypothecation by way of FIRST CHARGE in favour of the Bank -- stocks including air conditions, installation materials , book debts, receivable and other current assets of the company, both present and future.
Charge identification number of the charge to be modified	10155475
Particulars of the present modification	The credit facility enjoyed by the Company has been additionally secured by stocks including air conditions, installation materials, book debts, receivable and other current assets of the company, both present and future. All other terms and conditions of the original charge remains unchanged.

FIXED ASSETS

· Plant and Machinery

· Data Processing Equipment

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Land and Building

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. 48.91
UK Pound	1	Rs. 76.53
Euro	1	Rs. 66.43

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	NO
--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
-	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.