MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	UNIFIED ELECTRONISC (INDIA) LIMITED
Registered Office :	No. 19/2D, J.C. Industrial Estate, Bikasipura Road, Behind Metro, Bangalore-560062, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.2006
Com. Reg. No.:	08-039577
Capital Investment / Paid-up Capital :	Rs. 19.006 Millions
CIN No.: [Company Identification No.]	U32109KA2006PLC039577
TAN No.: [Tax Deduction & Collection Account No.]	BLRU01700G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Distribution of Electronic Items.
No. of Employees :	105 (Approximately)

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 110000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge external borrowings recorded by the company. The profit margin is also 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : B
Rating Explanation	High risk of default.
Date	30.04.2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.04.2013

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 PARTED BY

Name :	Mr. Ganesh
Designation :	H. R. Department
Contact No.:	91-80-26668566
Date :	28.06.2013

LOCATIONS

Registered Office / Factory :	No. 19/ 2D, J.C. Industrial Estate, Bikasipura Road, Behind Metro, Bangalore-560062, Karnataka, India
Tel. No.:	91-80-26668566/32217221/26669006
Fax No.:	91-80-26668562/26860828
E-Mail :	manjunath@unified.co.in dinesh@unified.co.in
Website :	http://www.unifiedelectronics.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Suresh Mehta

Designation :

Director

Address :

Flat No. 2, Gruhalaxmi Apartments, South End Road, Opposite Vijaya Bank, Basavanagudi, Bangalore-560004, Karnataka, India

Date of Birth/Age :

28.01.1966

Date of Appointment :

24.03.2007

DIN No.:

01445937

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	U32109KA2006PLC039577	Unified Electronics ( India) Limited	Director	24/03/2007	24/03/2007	-	Active	NO
2	U52339GJ2009PTC056107	Benstar Powertronics Private Limited	Director	30/09/2010	04/03/2010	03/02/2011	Active	NO

Name :

Mr. Tarun Prakash Mehta

Designation :

Director

Address :

# 67/3, H.B. Samaja Road, Near Basavanagudi, Medical Center, R. V. Road, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

12.09.1983

Date of Appointment :

24.03.2007

DIN No.:

01530674

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	U32109KA2006PLC039577	Unified Electronics ( India) Limited	Director	24/03/2007	24/03/2007	-	Active	NO
2	U31104GJ2010PLC059402	Alf Technologies (India) Limited	Director	03/02/2010	03/02/2010	22/03/2010	Active	NO
3	U52339GJ2009PTC056107	Benstar Powertronics Private Limited	Director	30/09/2010	04/03/2010	03/02/2011	Active	NO
4	U31200KA2005PLC037281	Skava Electric Limited	Director	16/10/2012	16/10/2012	-	Active	NO

Name :

Mr. Ganesh Mahabaleshwar Bhat

Designation :

Director

Address :

60/61, Surve Nagar, Kalamba Road, Kolhapur- 416012, Maharashtra, India

Date of Birth/Age :

20/07/1959

Date of Appointment :

28/08/2008

DIN No.:

02166697

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Bharat Ranmal Jain	8000
Mahavir Ranmal Jain	7000
Kishore Ranmal Jain	7000
Kalmesh Prakash Mehta	7000
Unified Electro- Tech Limited, India	1600000
Pujya Deepakbhai Desai	500
Mahavir Jain Trustee Navdarshan Ventures Family Trust	250000
Dinesh Ranmal Mehta	7000
Suresh Ranmal Mehta	7100
Tarun Prakash Mehta	7000
TOTAL	1900600

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	97.34
Directors or relatives of directors	1.10
Other top fifty shareholders	1.56
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Distribution of Electronic Items.
Products :	Ø Electronic PCB Board Ø Solar Charge Ø Controllers Ø Supplies and Adapters Ø Components and Sub-assemblies (MCPCBS and Luminaries) Ø Led Drivers Ø DC-DC Converters Ø Battery Chargers Ø Led Back Light Ø Module and Ø Signages, etc
Imports :
Products :	Raw Material
Countries :	Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

105 (Approximately)

Bankers :

• Canara Bank, Town Hall Branch, Stock Exchange Towers J C Road, Bangalore – 560027, Karnataka, India.
• State Bank of India
• Axis Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Term loans from banks	32.829	31.932
Short term borrowing
From bank	22.390	0.000
Total	55.219	31.932
Note: a) term loan from banks carry interest at various rate ranging from 13% p.a. The loans are repayable in 3-5 years (monthly installments). The loan are secured by hypothecation of plant and machineries of company. Further the loan are guaranteed by the personal guarantee of the Directors of the company. b) Working capital loans are taken against the hypothecation of stock and book debts, carrying interest ranging from 13 to 17% per annum. c) Bank overdraft from banks is secured against directors house property. Overdraft is repayable on demand and carries 13.5% interest p.a.

Banking Relations :	--
Auditors :
Name :	Narendra Niilesh Mukesh and Sarawan Chartered Accountants
Address :	#6/3, 1^st Floor, 4^th Cross, K.G. Garden, Lalbag Road, Bangalore – 560027, Karnataka, India.
PAN No.:	AAGFN3568E
Holding Company:	Unified Electrotech Limited CIN No. U64202KA2000PLC026519
Fellow Subsidiary :	Univa Technology Pte. Limited (Singapore)

CAPITAL STRUCTURE

As on: 29.09.2012

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
1900600	Equity Shares	Rs.10/- each	Rs. 19.006 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.006	19.006
(b) Reserves & Surplus	9.531	8.432
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	28.537	27.438
(3) Non-Current Liabilities
(a) long-term borrowings	32.829	31.932
(b) Deferred tax liabilities (Net)	2.008	2.185
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	34.837	34.117
(4) Current Liabilities
(a) Short term borrowings	22.390	0.000
(b) Trade payables	24.955	34.569
(c) Other current liabilities	1.091	0.366
(d) Short-term provisions	0.696	0.706
Total Current Liabilities (4)	49.132	35.641
TOTAL	112.506	97.196
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.587	19.713
(ii) Intangible Assets	0.537	0.728
(iii) Capital work-in-progress	17.681	7.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.382	2.981
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	38.197	30.432
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	44.821	36.044
(c) Trade receivables	28.703	28.928
(d) Cash and cash equivalents	0.151	0.176
(e) Short-term loans and advances	0.377	1.173
(f) Other current assets	0.257	0.443
Total Current Assets	74.309	66.764
TOTAL	112.506	97.196

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.006
2] Share Application Money		0.000
3] Reserves & Surplus		7.347
4] (Accumulated Losses)		0.000
NETWORTH		26.353
LOAN FUNDS
1] Secured Loans		15.162
2] Unsecured Loans		0.000
TOTAL BORROWING		15.162
DEFERRED TAX LIABILITIES		2.084
TOTAL		43.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.982
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.715
	Sundry Debtors	25.667
	Cash & Bank Balances	0.161
	Other Current Assets	0.000
	Loans & Advances	6.608
Total Current Assets		57.151
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.019
	Other Current Liabilities	1.958
	Provisions	0.584
Total Current Liabilities		31.561
Net Current Assets		25.590
MISCELLANEOUS EXPENSES		0.017
TOTAL		43.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	146.088	130.668	116.037
		Other Income	0.179	0.968	2.252
		TOTAL (A)	146.267	131.636	118.289
Less	EXPENSES
		Cost of goods sold	120.769	110.835
		Employee benefit expenses	7.737	6.376
		Administrative and other expenses	8.887	6.132
		TOTAL (B)	137.393	123.343	106.894
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.874	8.293	11.395
Less	FINANCIAL EXPENSES (D)		3.611	2.849	3.498
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.263	5.444	7.897
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.652	3.828	2.854
	PROFIT BEFORE TAX (E-F) (G)		1.611	1.616	5.043
Less	TAX (H)		0.511	0.530	1.742
	PROFIT AFTER TAX (G-H) (I)		1.100	1.086	3.301
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.432	7.346	4.045
	BALANCE CARRIED TO THE B/S		9.532	8.432	7.346
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	17.952	19.202	0.000
	TOTAL EARNINGS		17.952	19.202	0.000
	IMPORTS
		Raw Materials	25.429	34.117	46.337
	TOTAL IMPORTS		25.429	34.117	46.337
	Earnings Per Share (Rs.)		0.58	0.57	1.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	.0.75	0.82	2.79
Net Profit Margin (PBT/Sales)	(%)	1.10	1.23	4.34
Return on Total Assets (PBT/Total Assets}	(%)	1.70	1.79	6.71
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.19
Debt Equity Ratio (Total Debt/Networth)		1.93	1.16	0.57
Current Ratio (Current Asset/Current Liability)		1.51	1.87	2.23

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U32109KA2006PLC039577
Name of the company	UNIFIED ELECTRONICS ( INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 19/2D, J.C. Industrial Estate, Bikasipura Road, Behind Metro, Bangalore-560062, Karnataka, India Email-id - dinesh@unified.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10086145
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Stock Exchange Towers, Bangalore – 560027, Karnataka, India Email-id - krishnamurthyhn@gmail.com
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	18.10.2012
Amount secured by the charge	Rs. 59.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as Applicable (OD/ OCC/ PC/ FDB/ FBE- Rs. 25.000 Millions/ BG/ ILC/ FLC- Rs.15.000 Millions/ 413.773.37-TL- Rs.3.000 Millions/ 413.773.37 TL- Rs. 2.700 Millions/ 413.773.74-TL- Rs.4.100 Millions/ New Term Loan- Rs.10.100 Millions) Terms of Repayment Repayable on Demand Margin Margin As Applicable From Bank Extent and Operation of the charge 100% Till the closure of the Loan
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all the Present and future Stocks of Goods such as Raw Materials, Goods in Process, Finished and Manufactured goods, Stock in Trade and Stores, components Furniture’s and Fixtures and Plant and Machinery etc., are stored at Company's Premises and Book Debts, Receivables Claims etc., belonging to the Company.
Particulars of the present modification	Fresh TL of Rs.10.100 Millions Given. OD Limit increased from Rs.17.500 Millions to Rs.25.000 Millions BG Limit increased from Rs.12.500 Millions to Rs.15.000 Millions. Total Limit increased from Rs.39.800 Millions to Rs.59.900 Millions. Extension of Hypothecation of Stock and Book Debts, Plant and Machinery, Machinery Equipments etc., Given. All other Terms conditions and Securities continue for the increased limit of Rs.59.900 Millions.

NATURE OF OPERATIONS:

The company incorporated on May 29, 2006 with the main objective of manufacturing and distribution of electronic items.

The company is a pro – active and emerging Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. The service offerings include innovative product design and engineering, test solutions, manufacturing, logistics and post – manufacturing services to various industries like Power, Automobile, Industrial, Telecommunication, Consumer electronics, etc.

FIXED ASSETS:

• Plant and Machinery
• Data Processing Equipments
• Furniture and Fixtures
• Motor Car

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. 60.10
UK Pound	1	Rs. 91.58
Euro	1	Rs. 78.08

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.