MIRA INFORM REPORT

Report Date :

09.12.2013

IDENTIFICATION DETAILS

Name :	IBEX PRODUCTS PRIVATE LIMITED
Registered Office :	Raheja Towers, 7^th Floor, Sigma Wilng, 177, Anna Salai, Chennai – 600 002, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.05.1989
Com. Reg. No.:	18-017406
Capital Investment / Paid-up Capital :	Rs.9.922 Millions
CIN No.: [Company Identification No.]	U29309TN1989PTC017406
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Components.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 PARTED BY

Name :	Mr. M. Ramesh
Designation :	Senior Account Manager
Contact No.:	91-9941265746
Date :	04.12.2013

LOCATIONS

Registered Office :	Raheja Towers, 7^th Floor, Sigma Wilng, 177, Anna Salai, Chennai – 600 002, Tamil Nadu, India
Tel. No.:	91-44-42009544
Mobile No.:	91-9941265746 (Mr. M. Ramesh – Senior Accounts Manager) 91-9841561301 (Mr. Martin – Head Finance)
Fax No.:	Not Available
E-Mail :	ramesh.m@ibaxproducts.com
Website :	www.ibaxproducts.com
Area :	6700 sq. ft.
Location :	Owned
Factory :	Plant I, C-43, Sidco Industrial Estate, Maraimalai Nagar, Chennai – 603209, Tamil Nadu, India

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Sivaramakrishnan M

Designation :

Managing Director

Address :

11, Maharani Chinnamba Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India

Qualification :

Post Graduate

Date of Birth/Age :

15.10.1974

Date of Appointment :

01.05.2008

DIN No.:

00022531

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U33111TN1984PTC010666	RAMYA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	06/10/1993	06/10/1993	-	Strike off	NO
2	U24231TN1989PLC018191	UCAL TECHNOLOGIES LIMITED	Director	10/02/1994	10/02/1994	-	Strike off	NO
3	U28939TN1990PLC019393	UCAL MACHINE TOOLS LIMITED	Managing director	13/06/2008	25/04/1996	-	Amalgamated	NO
4	U51909TN1975PTC006910	UCAL EXPORTS PRIVATE LIMITED	Director	22/05/1998	22/05/1998	-	Active	NO
5	U29309TN1989PTC017406	IBEX PRODUCTS PRIVATE LIMITED	Managing director	01/05/2008	01/05/1999	-	Active	NO
6	U51102TN1946PTC003106	UNION CO (MOTORS) PRIVATE LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
7	U65991TN1991PTC020374	UCAL SECURITIES PRIVATE LIMITED	Director	06/03/2000	06/03/2000	-	Active	NO
8	U35999TN1959PLC003804	CARBURETTORS LIMITED	Director	26/04/2003	26/04/2003	17/01/2008	Active	NO
9	U65191TN1986PTC013532	UCAL FINANCE PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
10	U45201TN2005PTC056994	UCAL PROPERTIES PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
11	U91990TN1986NPL013378	K.G. CHARITIES	Director	12/05/2006	12/05/2006	-	Active	NO
12	U25199PY1999PLC001488	UCAL POLYMER INDUSTRIES LIMITED	Director	12/09/2008	27/05/2008	10/11/2008	Active	NO
13	U29141TN1990PTC019293	L M ENGINEERING ENTERPRISES PRIVATE LIMITED	Director	26/09/2011	01/10/2010	-	Active	NO
14	U30007TN1995PTC032157	UCAL EL-TECH PRIVATE LIMITED	Director	03/09/2011	27/06/2011	-	Active	NO
15	U29199TN2001PTC048089	K.L. SCIENTECH PLATERS PRIVATE LIMITED	Director	26/09/2011	27/06/2011	-	Active	NO

Name :

Mrs. Radhamani

Designation :

Director

Address :

11, Maharani Chinnamba Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India

Qualification :

Graduate

Date of Birth/Age :

06.01.1942

Date of Appointment :

17.09.1999

DIN No.:

00243828

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U33111TN1984PTC010666	RAMYA ENGINEERING INDUSTRIES PRIVATE LIMITED	Whole-time director	22/02/1984	22/02/1984	-	Strike off	NO
2	U29309TN1989PTC017406	IBEX PRODUCTS PRIVATE LIMITED	Director	17/09/1999	17/09/1999	-	Active	NO
3	U24231TN1989PLC018191	UCAL TECHNOLOGIES LIMITED	Director	29/01/2002	29/01/2002	-	Strike off	NO
4	U35999TN1959PLC003804	CARBURETTORS LIMITED	Director	26/04/2003	26/04/2003	17/01/2008	Active	NO

Name :

Mrs. Aruna R. Krishnan

Designation :

Director

Address :

11, Maharani Chinnamba Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India

Qualification :

Post Graduate

Date of Birth/Age :

02.12.1980

Date of Appointment :

01.08.2009

DIN No.:

02582901

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	U45201TN2005PTC056994	UCAL PROPERTIES PRIVATE LIMITED	Director	03/08/2009	24/03/2009	Active	NO
2	U29309TN1989PTC017406	IBEX PRODUCTS PRIVATE LIMITED	Director	01/08/2009	30/03/2009	Active	NO
3	U29199TN2001PTC048089	K.L. SCIENTECH PLATERS PRIVATE LIMITED	Director	03/09/2010	03/09/2010	Active	NO
4	U29141TN1990PTC019293	L M ENGINEERING ENTERPRISES PRIVATE LIMITED	Director	03/09/2010	03/09/2010	Active	NO
5	U30007TN1995PTC032157	UCAL EL-TECH PRIVATE LIMITED	Director	06/09/2010	06/09/2010	Active	NO
6	U65191TN1986PTC013532	UCAL FINANCE PRIVATE LIMITED	Director	29/08/2011	23/12/2010	Active	NO
7	U51909TN1975PTC006910	UCAL EXPORTS PRIVATE LIMITED	Director	09/09/2011	24/12/2010	Active	NO
8	U74999TN2012PTC085381	BLACK BUCK ENTERTAINMENT PRIVATE LIMITED	Director	11/04/2012	11/04/2012	Active	NO
9	U91990TN1986NPL013378	K.G. CHARITIES	Additional director	29/01/2013	29/01/2013	Active	NO

Name :

Mrs. Lakshmi M

Designation :

Director

Address :

11, Maharani Chinnamba Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India

Date of Birth/Age :

29.04.1969

Date of Appointment :

01.08.2009

DIN No.:

00620002

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	U33111TN1984PTC010666	RAMYA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	28/09/1991	28/09/1991	Strike off	NO
2	U65191TN1986PTC013532	UCAL FINANCE PRIVATE LIMITED	Director	20/03/2000	20/03/2000	Active	NO
3	U29199TN2001PTC048089	K.L. SCIENTECH PLATERS PRIVATE LIMITED	Director	01/05/2008	29/11/2001	Active	NO
4	U29309TN1989PTC017406	IBEX PRODUCTS PRIVATE LIMITED	Director	01/08/2009	05/08/2004	Active	NO

KEY EXECUTIVES

Name :	Mr. M. Ramesh
Designation :	Senior Accounts Manager
Name :	Mr. Martin
Designation :	Head Finance

MAJOR SHAREHOLDERS

AS ON 26.09.2013

Names of Shareholders	No. of Shares
Sivaramakrishnan M	510394
Lakshmi M	10
Ucal Finance Limited, India	216336
Ucal Eltech Private Limited, India	115500
Ucal Consultants Private Limited, India	150000
Total	992240

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2013

Category	Percentage
Bodies corporate	49.00
Directors or relatives of Directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Components.
Terms :
Selling :	Credit and 60 Days
Purchasing :	Credit, 60 Days and 90 Days

GENERAL INFORMATION

Suppliers :

· Bright India Limited

· L.M. Engg. Ent. Private Limited

· K.L. Scientech Plaster Private Limited

· Ucal Properties Private Limited

· Ucal Electech Private Limited

· Ucal Consultants Private Limited

· Ucal Finance Private Limited

Customers :

Manufactures

· Rane Madras Limited

· Wabbco

· Delphi TVS Fuel System Private Limited

No. of Employees :

75 (Approximately)

Bankers :

· Indian Overseas Bank, Cathedral Branch, Chennai – 600 002, Tamil Nadu, India

· UCO Bank, 212Mount Road, Chennai – 600 006, Tamil Nadu, India

Facilities :

Total Facility Including Fund and Non Fund Base=6000.000 Millions

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loan from Banks
Indian Overseas Bank (Total Tenure-54 months, Balance Tenure-15 months, Security: Plant and Machinery)	34.616	37.614
SHORT TERM BORROWINGS
Loans repayable on demand From Banks (Hypothecation of Books debts and Inventories)	46.207	31.246
Other loans HDFC Bank Limited (Hypothecation of Vehicles Installment due – 5 months)	0.391	1.328
HDFC Bank Limited (Hypothecation of Vehicles Installment due – 1 month)	0.025	0.333
HDFC Bank Limited (Hypothecation of Vehicles Installment due – 20 months)	0.339	0.000
BMW India Financial Services Limited (Hypothecation of Vehicles Installment due – 12 months)	2.289	4.578
Axis Bank Limited (Hypothecation of Vehicles Installment due – 53 months)	5.707	0.000
Total	89.574	75.099

Banking Relations :	--
Auditors :
Name :	Raja and Kumar Chartered Accountants
Address :	10/1, Race View Colony Main Road, Guindy, Chennai – 600 032, Tamil Nadu, India
PAN No.:	AAAFR6560N
Sister Concern :	· LM Engineers Private Limited · KL Syntex Plastic Private Limited · Ucal Property Private Limited · Ucal Exports Private Limited

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
992240	Equity Shares	Rs. 10/- each	Rs.9.922 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
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 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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Other Loans
Ucal Fuel Systems Limited	0.000	30.000
From Directors	0.230	0.230
Total	0.230	30.230

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390081	11/10/2012	9,500,000.00	INDIAN OVERSEAS BANK	CATHEDRAL BRANCH, CHENNAI – 600 002, TAMIL NADU, INDIA	B63344840
2	10267636	28/01/2013 *	128,784,000.00	INDIAN OVERSEAS BANK	CATHEDRAL BRANCH, CHENNAI – 600 002, TAMIL NADU, INDIA	B73886129

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Factory Equipment

· Electrical Fittings

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer

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.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NKT

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	4
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.