MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	JUKEN UNIPRODUCTS PRIVATE LIMITED
Registered Office :	15, Ring Road, Lajpat Nagar – IV, New Delhi – 110024
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.12.2005
Com. Reg. No.:	55-143671
Capital Investment / Paid-up Capital :	Rs.25.200 Millions
CIN No.: [Company Identification No.]	U25206DL2005PTC143671
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Injection Moulding Parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a 45:55 Joint Venture between Uniproducts (India) Limited, UPL and Juken Technology Limited (JTL), Singapore. It is a established company having satisfactory track record. The company has performed well during current year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans (BBB-)
Rating Explanation	Moderate degree of safety, it carry moderate credit risk.
Date	November, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	15, Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	preeti@unitexindia.com
Factory :	C-14, Sector – 57, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-2581231/ 2585590
Fax No.:	91-120-2585031

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Wong Keng Yin
Designation :	Director
Address :	389, Kew Cresent, Singapore – 466284, Singapore
Date of Birth/Age :	29.09.1955
Date of Appointment :	21.12.2005
DIN No. :	00868864
Name :	Mr. Arun Kumar Seth
Designation :	Director
Address :	30A, Friends Colony West, New Delhi – 110065, Delhi, India
Date of Birth/Age :	15.01.1942
Date of Appointment :	14.12.2005
DIN No. :	00794656
Name :	Mr. Ing Chin Koh
Designation :	Director
Address :	Block 578, Pasir Rid Street 53, # 06-73 Pasir Ris 510578
Date of Birth/Age :	04.01.1972
Date of Appointment :	29.09.2012
DIN No. :	05356622
Name :	Mr. Aditya Capoor
Designation :	Director
Address :	1463, Sector – 37, Noida – 201303, Uttar Pradesh, India
Date of Birth/Age :	23.04.1963
Date of Appointment :	08.01.2008
DIN No. :	00523794
Name :	Dr. Ashwan Kapur
Designation :	Director
Address :	15, Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India
Date of Birth/Age :	04.08.1955
Date of Appointment :	14.04.2010
DIN No. :	00568432
Name :	Mr. Lam Peck Heng
Designation :	Director
Address :	20, Jalan Hajijah, # 03-24, Laguna Green, Singapore – 468726, Singapore
Date of Birth/Age :	09.04.1938
Date of Appointment :	21.12.2005
DIN No. :	00868833

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Juken Technology Limited, Singapore	1386000
Uniproducts India Limited, India	1134000
Total	2520000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	55.00
Bodies corporate	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Injection Moulding Parts.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Injection Components	Nos.	NA	80000000	29292655

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Patiala

Commercial Branch, Chandralok Building, 36, Janpath, New Delhi – 110001, Delhi, India

· Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. ANNIE Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans :
- From banks (Term loans are secured against all the Plant and Machinery, both present and future, on a first charge basis and also against corporate guarantee of M/s Uniproducts (India) Limited) (Term Loans from banks carries interest @ 14.75% ) Repayment of term loans are as under: 2012-13 - Rs. 3.376 Millions 2013-14 - Rs. 4.752 Millions 2014-15 - Rs. 2.373 Millions	7.125	12.300
Other Loans and Advances:
- Finance Lease Obligations (Secured by way of hypothecation of vehicles financed.) (Vehicle loan carries interest @ 9.23%) Maturity profile as follows: 2012-13 - Rs.0.154 Millions	0.000	0.154
Cash Credit
-From banks (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. It carries interest @ 15.25%)	17.171	13.642
Total	24.296	26.096

Banking Relations :	--
Auditors :
Name :	Satish K. Kapoor and Company Chartered Accountant
Address :	D-49, 1^st Floor, Pandav Nagar, opposite Mother Dairy Plant, New Delhi – 110092, Delhi, India
Tel No.:	91-11-22484366/ 22483122
Mobile No.:	91-9810308543
Fax No.:	91-11-22485164
PAN No.:	ABOPK1087G
Email:	casatishkkapoor@gmail.com satish_kkapoor2003@yahoo.com
Holding Company :	· Juken Technology Limited, Singapore

CAPITAL STRUCTURE

(AS ON 29.09.2012)

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
2520000	Equity Shares	Rs.10/-each	Rs.25.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.200	25.200	25.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.789	5.043	0.000
4] (Accumulated Losses)		0.000	0.000	(3.465)
NETWORTH		43.989	30.243	21.735
LOAN FUNDS
1] Secured Loans		24.296	26.096	31.310
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		24.296	26.096	31.310
DEFERRED TAX LIABILITIES		7.393	2.660	0.000
TOTAL		75.678	58.999	53.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.759	76.250	58.296
Capital work-in-progress		0.000	0.000	0.894
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	1.678
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.163	14.655	4.931
	Sundry Debtors	27.807	17.283	10.717
	Cash & Bank Balances	0.958	1.001	1.150
	Other Current Assets	0.338	0.275	0.000
	Loans & Advances	14.281	8.848	4.293
Total Current Assets		54.547	42.062	21.091
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.409	31.930	26.695
	Other Current Liabilities	25.897	24.156	0.257
	Provisions	4.322	3.227	2.027
Total Current Liabilities		64.628	59.313	28.979
Net Current Assets		(10.081)	(17.251)	(7.888)
MISCELLANEOUS EXPENSES		0.000	0.000	0.065
TOTAL		75.678	58.999	53.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	148.661	92.291	53.318
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	12.847	9.695
Less	TAX		NA	4.339	3.295
	PROFIT AFTER TAX		13.746	8.508	6.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	6.628	3.101
	TOTAL EARNINGS		NA	6.628	3.101
	IMPORTS
		Raw Materials	NA	5.515	0.996
		Stores & Spares	NA	6.364	0.396
		Capital Goods	NA	4.572	5.025
		WIP – Moulds	NA	0.443	0.773
	TOTAL IMPORTS		NA	16.894	7.190
	Earnings Per Share (Rs.)		5.45	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	NA	13.92	18.18
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.86	12.21
Return on Investment (ROI) (PBT/Networth)		NA	0.42	0.45
Debt Equity Ratio (Total Debt/Networth)		0.55	0.86	1.44
Current Ratio (Current Asset/Current Liability)		0.84	0.71	0.73

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

The company’s sales and profitability during the year. For the year ended March 31, 2012, the company recorded a turnover of Rs.148.661 Millions and a profit after tax of Rs.13.746 Millions. The turnover of the Company has increased by 61% over the turnover of Rs. 92.291 Millions achieved during the previous year ended March 31, 2011 and the profit after tax represents an increase of 62% over the PAT of Rs.8.508 Millions achieved during the previous year. The company is now poised to further improve its performance in the years ahead.

FIXED ASSETS:

· Plant and Machinery

· Leasehold Improvement

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

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 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 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.