MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	UNIVERSAL TEXTURISERS PRIVATE LIMITED
Registered Office :	192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2006
Com. Reg. No.:	21-108821
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U17299WB2006PTC108821
TAN No.: [Tax Deduction & Collection Account No.]	CALU02944E
PAN No.: [Permanent Account No.]	AAACU8167B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polyster Texurised Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 297000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 (30.09.2011)	Current Rating (31.12.2011)
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/ Head Office :	192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-22686462
Fax No.:	Not Available
E-Mail :	vallabhdattani@sanathan.com info@sanathan.com
Administrative Office/ Corporate Office :	B-6, Trade World, 1^st Floor, Kamala Mills Compound, Senapati Bapat Marg, Mumbai - 400 013, Maharashtra, India
Tel. No.:	91-22-66343312
Fax No.:	91-22-23430613
Factory :	Survey Plot No.104, 140 and 140B, Near Cricket Play Ground, Village Dabhel, Daman - 396 210, Union Territory, India

DIRECTORS

As on 09.09.2011

Name :

Mr. Paresh Kumar Vrajdas Dattani

Designation :

Director

Address :

192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

24.07.1960

Date of Appointment :

31.03.2006

DIN No.:

00163591

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17299WB2005PTC105863	Sanathan Textiles Private Limited	Director	10/10/2005	10/10/2005	Active	NO
2	U17299WB2006PTC108821	Universal Texturisers Private Limited	Director	31/03/2006	31/03/2006	Active	NO

Name :

Mr. Dinesh Kumar Vrajdas Dattani

Designation :

Director

Address :

192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

27.07.1948

Date of Appointment :

31.03.2006

DIN No.:

00163701

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17219WB1987PTC043147	Texco Fibres Private Limited	Director	16/10/1987	16/10/1987	Converted to LLP and dissolved	NO
2	U17118WB1984PTC038203	Vajubhai Investments Private Limited	Director	01/04/2004	01/04/2004	Active	NO
3	U17299WB2005PTC105863	Sanathan Textiles Private Limited	Director	10/10/2005	10/10/2005	Active	NO
4	U17299WB2006PTC108821	Universal Texturisers Private Limited	Director	31/03/2006	31/03/2006	Active	NO
5	AAA-8629	Texco Fibres LLP	Designated Partner	30/03/2012	30/03/2012	Active	NO

Name :

Mr. Ajay Kumar Vallabhdas Dattani

Designation :

Director

Address :

192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

23.07.1967

Date of Appointment :

31.03.2006

DIN No.:

00163739

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17299WB2005PTC105863	Sanathan Textiles Private Limited	Director	10/10/2005	10/10/2005	Active	NO
2	U17299WB2006PTC108821	Universal Texturisers Private Limited	Director	31/03/2006	31/03/2006	Active	NO

Name :

Mr. Vallabhdas Vrajdas Dattani

Designation :

Director

Address :

192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

22.08.1942

Date of Appointment :

17.04.2006

DIN No.:

00163794

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17118WB1984PTC038203	Vajubhai Investments Private Limited	Director	28/11/1984	28/11/1984	Active	NO
2	U17219WB1987PTC043147	Texco Fibres Private Limited	Director	14/10/1987	14/10/1987	Converted to LLP and dissolved	NO
3	U17299WB2006PTC108821	Universal Texturisers Private Limited	Director	17/04/2006	17/04/2006	Active	NO
4	U17299WB2005PTC105863	Sanathan Textiles Private Limited	Director	17/04/2006	17/04/2006	Active	NO
5	AAA-8629	Texco Fibres LLP	Designated Partner	30/03/2012	30/03/2012	Active	NO

KEY EXECUTIVES

Name :	P. Das and Company
Designation :	Company Secretaries
Address :	Bentinck Street, “Bentinck Chambers”, 4^th Floor, Room No.404, Kolkata - 700 069, West Bengal, India
Tel. No.:	91-33-22420021-2
Fax No.:	91-33-22420021
Mobile No.:	91-9331049016
E-Mail :	pawancs.das@rediffmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2011

Names of Shareholders	No. of Shares
Dinesh K.V. Dattani	1940000
Paresh K.V. Dattani	8000
Ajay K.V. Dattani	446000
Geeta D. Dattani	109000
Jayshree A. Dattani	109000
Samir D. Dattani	110000
Anil K.V. Dattani	108000
Dinesh+1 K.V. Dattani	4000
Dinesh+1 K.V. Dattani	1000
Dinesh+1 K.V. Dattani	1000
Dinesh+1 K.V. Dattani	1000
Dinesh+1 K.V. Dattani	1000
Dinesh+1 K.V. Dattani	1000
Dinesh+1 K.V. Dattani	1000
Paresh+1 K.V. Dattani	1000
Paresh+1 K V Dattani	1000
Ajay+1 K.V. Dattani	1000
Ajay+1 K.V. Dattani	1000
Ajay+1 K.V. Dattani	1000
Ajay+1 K.V. Dattani	1000
Geeta+1 D. Dattani	1000
Jayshree+1 D. Dattani	1000
Anil+1 K.V. Dattani	1000
Anil+1 K.V. Dattani	1000
Vajubhai Investments Private Limited, India	750000
Paresh Kumar V. Dattani HUF	750000
Beena P. Dattani	100000
Vallabhdas V. Dattani HUF	300000
Sonaali A. Dattani	250000
Total	5000000

As on 09.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	15.00
Directors or relatives of directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polyster Texurised Yarn.

Products :

Item Code No. (ITC Code)	54023300
Product Description	Draw Textured Yarn

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Tex Yarn	MT	16000	12000

Particulars	Actual Production Quantity (gms.)
Tex Yarn	12099973.004
Twist Yarn	785404.208

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Tamilnad Mercantile Bank Limited, Goradia House, 101-104 Kazi Syed Street, Mandvi, Mumbai – 400 003, Maharashtra, India

v Tamilnad Mercantile Bank Limited, Hemprakash Building, Ground Floor, 92, Kazi Syed Street, Mandvi, Mumbai – 400 003, Maharashtra, India

v HDFC Bank Limited

v Bank of Baroda

v State Bank of India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks secured	81.945	67.599
Loans taken for vehicles secured	0.000	0.146
Loans taken for other fixed assets secured	19.024	26.529
Total	100.969	94.274

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans others unsecured	79.025	73.736
Loans directors unsecured	2.660	0.000
Total	81.685	73.736

Banking Relations :	--
Auditors :
Name :	K. Dattani and Company Chartered Accountants
Address :	“ Bentinck Chambers “, 37A, Bentinck Street, 4^th Floor, Room No.404, Kolkata 700 069, Bangalore, India
Tel. No.:	91-33-22420021/ 22/ 30228020
Mobile No.:	91-9331841664
E-Mail :	kdattani@cal3.vsnl.net.in kdattani@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFK2583L

CAPITAL STRUCTURE

As on 09.09.2011

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
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.348	16.597	12.239
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.348	66.597	62.239
LOAN FUNDS
1] Secured Loans		100.969	94.274	78.895
2] Unsecured Loans		81.685	73.736	71.490
TOTAL BORROWING		182.654	168.010	150.385
DEFERRED TAX LIABILITIES		0.910	1.018	1.018
TOTAL		257.912	235.625	213.642
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.645	74.813	81.130
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.622	58.217	64.480
	Sundry Debtors	127.380	92.208	73.092
	Cash & Bank Balances	8.941	10.791	4.204
	Other Current Assets	12.922	7.517	7.567
	Loans & Advances	12.790	20.055	22.389
Total Current Assets		238.655	188.788	171.732
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.308	24.408	34.012
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	8.080	3.640	5.352
Total Current Liabilities		46.388	28.048	39.364
Net Current Assets		192.267	160.740	132.368
MISCELLANEOUS EXPENSES		0.000	0.072	0.144
TOTAL		257.912	235.625	213.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1600.325	1170.300	1158.373
		Other Income
		TOTAL	1600.325	1170.300	1158.373
	EXPENSES
		Office Expenses	1578.439	1152.882	1142.103
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	1578.439	1152.882	1142.103
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		21.886	17.418	16.270
Less/ Add	DEPRECIATION/ AMORTISATION		9.783	11.126	9.883
	PROFIT BEFORE TAX		12.103	6.292	6.387
Less	TAX		4.352	1.934	2.239
	PROFIT AFTER TAX		7.751	4.358	4.148
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods calculated on F.O.B. basis	407.661	173.676	259.820
	TOTAL EARNINGS		407.661	173.676	259.820
	IMPORTS
		Capital Goods	1.025	0.179	7.417
	TOTAL IMPORTS		1.025	0.179	7.417
	Earnings Per Share (Rs.)		1.55	0.87	0.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.48	0.37	0.36
Return on Total Assets (PBT/Total Assets}	(%)	3.98	2.39	2.53
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.10
Debt Equity Ratio (Total Liability/Networth)		3.08	2.94	3.05
Current Ratio (Current Asset/Current Liability)		5.14	6.73	4.36

LOCAL AGENCY FURTHER INFORMATION

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

Bankers Charges Report as per Registry

Corporate identity number of the company	U17299WB2006PTC108821
Name of the company	UNIVERSAL TEXTURISERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	192, Jamunalal Bajaj Street, Kolkata – 700 007, West Bengal, India E-Mail: vallabhdattani@sanathan.com
This form is for	Modification of charge
Charge identification number of the modified	10337965
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	CIN No.: U65110TN1921PLC001908 Tamilnad Mercantile Bank Limited, Hemprakash Building, Ground Floor, 92, Kazi Syed Street, Mandvi, Mumbai – 400 003, Maharashtra, India E-Mail: mumbai_mandvi@tnmbonline.com
Nature of description of the instrument creating or modifying the charge	Additional charge is created vide memorandum of deposit of title deeds dated 5^th April, 2012, on the office premises purchased by the company under Term Loan IV and V granted by the Bank vide its sanction letter dated 25^th July, 2011.
Date of instrument Creating the charge	05.04.2012
Amount secured by the charge	Rs.56.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base Rate + 2.00% (i.e. presently 12.50%) Terms of Repayment: To be repaid in 96 monthly installments starting from 30.08.2012 to 30.07.2020. Margin: 15% Extent and Operation of the charge: In addition to the collateral securities created under the original charge, the primary security by way of equitable mortgage is created on the office premises purchased under the Term Loan IV and V, to secure the repayment of Term Loan IV and V as per the terms of sanction letter dated 25^th July, 2011.
Short particulars of the property charged	In addition to the charge created on the properties, assets of the company under original charge, the additional charge by way of equitable mortgage is created on the new office premises situated on 15^th Floor admeasuring 251.41 sq. mtrs. carpet area, along with 4 car parking in the building known as "Trade World 'D' Wing" Situated at Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Particulars of the present modification	Under the present modification, the primary security through additional charge by way of equitable mortgage is created on the new office premises of the company, located at 15^th Floor, Trade World 'D' Wing, Kamala City, Lower Parel, Mumbai, Purchased under the term Loan IV and V granted by the Bank.

FIXED ASSETS:

v Factory Land

v Flat

v Building

v Twisting and Cops Winder

v Office Premises

v Furniture and Fixtures

v Water Softening Plant

v Electric Installation

v Transformer

v Texturising Machine

v Twisting Machine

v Air Conditioner Plant

v Air Dryer

v Heat Setting Machine

v Weighing Scale Machine

v Scooter

v Motor Car

v Computer

v Telecom Equipment

v Material Handling Equipment

v Office Equipment

v Generator

v Cooling Towers

v Television

v Hoist Lift

v Hose Knitting Machine

v Hand Pallet

v Cone Testing Machine

v Xerox Machine

v Stacker

v Cots Grinding Machine

v Strapping Machine

v Goodwill

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.55.15
UK Pound	1	Rs.86.30
Euro	1	Rs.67.73

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		31

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.