MIRA INFORM REPORT

Report Date :

15.04.2013

IDENTIFICATION DETAILS

Name :	UNILEC ENGINEERS LIMITED
Registered Office :	II/114 Sadar Bazar, Delhi Cantt New Delhi – 110010
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.12.1993
Com. Reg. No.:	55-056633
Capital Investment / Paid-up Capital :	Rs. 5.762 Millions
CIN No.: [Company Identification No.]	U74899DL1993PLC056633
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Control Panels.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 84000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has not filed its financials with the government department after the year 2010. Management remained non- cooperative and denied to disclose any information about the company. As per available, we found that there appears some dip in the turnover and profitability of the company during the year 2009-10. Payment terms are unknown. The company can be considered for business dealing with great 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 – 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	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Moderate risk of default
Date	21.02.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety it carry high credit risk.
Date	21.02.2013

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.

INFORMATION DECLINED

Management Non Co-Operative (91-224-4030247)

LOCATIONS

Registered Office :	II/114 Sadar Bazar, Delhi Cantt New Delhi – 110010, India
Tel. No.:	Not Available
Mobile No.:	91-9899042299 (Mr. Bharat Bhushan Airy)
Fax No.:	Not Available
E-Mail :	vin.fca@gmail.com
Factory :	Begumpur Khatola Road, Behrampur Industrial Area, Gurgaon -122001, Haryana, India
Tel. No.:	91-124-4559700

DIRECTORS

As on 30.09.2010

Name :	Mr. Bharat Bhushan Airy
Designation :	Director
Address :	19, Amaltas Avenue, Western Greens, Rajendra, New Delhi, India
Date of Birth/Age :	05.10.1942
Date of Appointment :	09.02.2004
DIN No.:	01169126
Name :	Mr. Amit Airy
Designation :	Director
Address :	19, Amaltas Avenue, Western Greens, Rajendra, New Delhi, India
Date of Birth/Age :	14.10.1974
Date of Appointment :	09.02.2004
DIN No.:	01169117
Name :	Mr. Mithlesh Airy
Designation :	Director
Address :	19, Amaltas Avenue, Western Greens, Rajendra, New Delhi, India
Date of Birth/Age :	16.07.1950
Date of Appointment :	09.02.2004
DIN No.:	01174181
Name :	Mr. Navita Airy
Designation :	Director
Address :	19, Amaltas Avenue, Western Greens, Rajendra, New Delhi, India
Date of Birth/Age :	15.07.1975
Date of Appointment :	09.02.2004
DIN No.:	03016858

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bharat Bhushan Airy	118200
Amit Airy	204100
Mithlesh Airy	55000
Navita Airy	64900
Pooja Bharat Airy	38500
Parul Threha	3000
Tilak Raj Khajuria	2500
Juhi Vanijya Private Limited, India	70000
Jumuna Distributors Private Limited, India	20000
Total	576200

As on 28.02.2011

Names of Allottee	No. of Shares Allotted
Silverline Mercantile Private Limited, India	46000
Total	46000

As on 31.03.2011

Names of Allottee	No. of Shares Allotted
Syndicate Instalments Supply Limited, India	25000
Rudawal Capital Trust Limited, India	25000
AKS International Limited, India	25000
Masterlook Trading and Investment Private Limited, India	25000
Amit Airy	28000
Bharat Bhushan Airy	12000
Mithlesh Airy	50000
Navita Airy	15000
Total	205000

As on 22.12.2011

Names of Allottee	No. of Shares Allotted
Kotriwal Commercial Private Limited, India	2000
Radiant Equity Management Private Limited, India	1500
Goodlife Commercial Private Limited, India	1500
Total	5000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.00
Directors or relatives of Directors	84.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Control Panels.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India, Sme Branch, 59, Community Centre, Industrial Area, Naraina - 110028, India

· HDFC Bnak Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
HDFC Bank- (Cash Credit) Secured by Hypothecation of Com perils Current Assets consisting of finished goods work in process, raw materials and book debts as primary security and by equitable mortgage of land and Building of me company situated at Village Khandsa District Gurgaon and further Guaranteed by Directors of the Company in their personal capacities	16.119	12.474
HDFC Bank Limited (Agreement Hypothecation of Cars)	0.835	0.880
HDFC Bank Limited (Agreement Fixed Assets)	0.942	0.690
HDFC Bank Limited (Agreement Plant and Machinery)	0.397	1.273
Working Capital Demand loan-HDFC Bank	4.207	2.500
Term loan (CNC Machine) HDFC Bank	3.657	5.000
Bill Discounting	1.845	0.000
Total	28.002	22.817

Banking Relations :	--
Auditors :
Name :	Vinod Arora and Company Chartered Accountants
Address :	211-212, Apna Bazar, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2330105 / 2303338
Mobile No.:	91-9910174105
PAN.:	ABHPA9212E

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
832200	Equity Shares	Rs.10/- each	Rs.8.322Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
576200	Equity Shares	Rs.10/- each	Rs.5.762 Millions

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		5.762	4.862	4.862
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.334	5.350	2.736
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.096	10.212	7.598
LOAN FUNDS
1] Secured Loans		28.002	22.817	13.032
2] Unsecured Loans		25.732	5.055	2.085
TOTAL BORROWING		53.734	27.872	15.117
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		74.830	38.084	22.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.346	21.034	19.577
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.103	23.541	31.163
	Sundry Debtors	60.068	87.521	58.756
	Cash & Bank Balances	15.433	21.459	9.673
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.933	13.527	10.385
Total Current Assets		163.537	146.048	109.977
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.610	114.402	100.668
	Other Current Liabilities	12.117	12.092	5.002
	Provisions	3.326	2.504	1.169
Total Current Liabilities		108.053	128.998	106.839
Net Current Assets		55.484	17.050	3.138
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		74.830	38.084	22.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	243.476	469.768	270.236
		Other Income	1.281	1.422	0.643
		TOTAL (A)	244.757	471.190	270.879
Less	EXPENSES
		Raw Materials Consumed	173.433	353.793	208.920
		Director Labour	23.065	22.975	7.478
		Duties and Taxes	11.795	49.407	33.073
		Other Manufacturer Cost	2.872	3.586	3.428
		Administration / Selling	21.979	28.154	11.268
		TOTAL (B)	233.144	457.915	264.167
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.613	13.275	6.712
Less	FINANCIAL EXPENSES (D)		5.711	6.416	2.353
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.902	6.859	4.359
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.197	2.909	2.208
	PROFIT BEFORE TAX (E-F) (G)		2.705	3.950	2.151
Less	TAX (H)		0.822	1.336	0.743
	PROFIT AFTER TAX (G-H) (I)		1.883	2.614	1.408
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.973	2.359	0.951
	BALANCE CARRIED TO THE B/S		6.856	4.973	2.359
	Earnings Per Share (Rs.)		3.27	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.77	0.56	0.52
Net Profit Margin (PBT/Sales)	(%)	1.11	0.84	0.80
Return on Total Assets (PBT/Total Assets}	(%)	1.48	2.36	1.66
Return on Investment (ROI) (PBT/Networth)		0.13	0.39	0.28
Debt Equity Ratio (Total Debt /Networth)		2.55	2.73	1.99
Current Ratio (Current Asset/Current Liability)		1.51	1.13	1.03

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	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	No
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

FINANCIAL RESULTS

During the year the company recorded better sales and income at Ra. 244.757 Millions while in last year the same was Rs. 471.190 Millions. The Profit before tax for the year has been better at Ra. 2.705 Millions and Profit after tax is Rs.1.883 Millions while in last year the same was Rs. 3.950 Millions Rs. 2.614 Millions respectively.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2010	As on 31.03.2009
Loans form Directors	5.705	5.055
Loans from L and T Finance Limited	20.027	0.000
Total	25.732	5.055

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1993PLC056633
Name of the company	UNILEC ENGINEERS LIMITED
Address of the registered office or of the principal place of business in India of the company	II/114 Sadar Bazar, Delhi Cantt New Delhi – 110010, India vin.fca@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (all current and fixed assets of the company)
Particular of charge holder	State Bank of India, Sme Branch, 59, Community Centre, Industrial Area, Naraina - 110028, India rkarohini@yahoo.co.in
Nature of instrument creating charge	1 letter of arrangement. 2 agreement of loan cum hypothecation. 6 letter of confirmation for em of property.
Date of instrument Creating the charge	08.02.2012
Amount secured by the charge	Rs.184.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interst at the rate of (CC) 4.75%, (TL) 5.50% margin above the base rate which is presently 10.00% p.a. present effective rate (CC) 14.75% p.a., (TL) 15.50% p.a. with monthly rests. Terms of Repayment CC- repayable on demand. TL- in 60 monthly installments of Rs. 0.158 Million each, with the first installment commencing on 31st march, 2012 and the last installment of Rs.0.178 Million falling due on 28.02.2017. Margin Raw material (imported and indigenous) - 25% Semi finished goods and finished goods - 25% Components / consumables/ spares - 25% Domestic receivables (cover period 150 days) - 30% Term loan - 33% Bank guarantees - 15% for guarantees < 1 years. 10% for guarantees > 1 years. Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security (CC) - Hypothecation Of All Current Assets Both Present And Future Including Hypothecation Of Finished Goods, Semi Finished Goods, Raw Materials And Stores Lying In The Factory Premises Or Elsewhere And All Receivables. Tl- Exclusive First Charge Over The Entire Fixed Assets Including Plant and Machinery Of The Company Excluding Factory Land and Building At Khasra No. 1740/1211/1/2 Begampur Khatola Road, Behrampur Industrial Area, Gurgaon Admeasuring 06 Biswa 12 12 Biswansi (1980 Sq. Yds.) Collateral Security - Equitable Mortgage Of Factory Land and Building At Khasra No. 1740/1211/1/2 Begampur Khatola Road, Behrampur Industrial Area, Gurgaon Admeasuring 06 Biswa 12 12 Biswansi (1980.55 Sq. Yds) In The Name Of The Company. Registered Mortgage Of Farm House Property (Agricultural Land) Situated At Khasra No. 19/22, (Also Known As 19/22, Amaltas Avenue, Western Greens) Village Samalka, Tehsil Mehrauli, New Delhi, In The Name Of Sh. Bharat Bhushan Airy, Director. Negative Lien Over The Commercial Property Situated At II/114, Sadar Bazar, Delhi Cantt, New Delhi- 110010.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture

· Office Equipment

· Air Conditioner

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] 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.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.