MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	UTCON ENGINEERS PRIVATE LIMITED
Registered Office :	403, Bhosale Saptsur, 61/62, Bhosale Nagar, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.11.1995
Com. Reg. No.:	11-094384
Capital Investment / Paid-up Capital :	Rs. 20.000 millions
CIN No.: [Company Identification No.]	U31909PN1995PTC094384
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Material Handling Systems.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred losses for past some years from its operations. However, trade relations are fair. Business is active. Payment terms are 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

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 :	Ms. Megha Gupta
Designation :	Sales Department
Contact No.:	91-9766303600
Date :	06.07.2013

LOCATIONS

Registered Office :	403, Bhosale Saptsur, 61/62, Bhosale Nagar, Pune – 411007, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9766303600 (Mr. Megha Gupta)
Fax No. :	Not Available
E-Mail :	sales@utcon.com
Website :	www.utcon.com
Location :	Owned
Factory :	115/2, General Block, M.I.D.C. Bhosari, Pune – 411026, Maharashtra, India
Tel. No. :	91-20-27124069 / 66112903 / 67307800 / 30696000 / 30696014 / 30693903 / 3907 / 66112003 / 66112004
Fax No. :	91-20-27124069 / 66112903 / 67307800 / 3903 / 3907 / 66112003 / 2004
E-Mail :	sales@utcon.com dhananjayu@utcon.com design@utcon.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Neelkanth Madhav Udgaonkar

Designation :

Managing Director

Address :

61, Bhosalenagar, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.01.1935

Date of Appointment :

14.11.1995

DIN No. :

00909370

Name :

Mr. Dhananjay Neelkanth Udgaonkar

Designation :

Director

Address :

61, Bhosalenagar, Pune – 411007, Maharashtra, India

Date of Birth/Age :

11.03.1969

Date of Appointment :

01.09.2003

DIN No. :

00909379

Name :

Mr. Vilas Vishwanath Karambelkar

Designation :

Director

Address :

23, Kamet Society, 88, Rambaug Colony, Paud Road, Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

16.01.1954

Date of Appointment :

14.11.1995

DIN No. :

00913991

Name :

Mr. Sunil Digambar Junnarkar

Designation :

Director

Address :

C-602, Ruturang Apartments, S.No.41, Kothrud, NR. Bharati Vidya Bhavan School, Pune – 411029, Maharashtra, India

Date of Birth/Age :

28.11.1965

Date of Appointment :

09.03.2011

DIN No. :

02646716

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	U72900PN2009PTC134116	SAPIENCE IT SOLUTIONS PRIVATE LIMITED	Director	11-06-09	11-06-09	-	Active	NO
2	U74900PN2010PTC135741	POSIVIEW LEARNING SOLUTIONS PRIVATE LIMITED	Director	11-03-10	11-03-10	13-01-12	Active	NO
3	U31909PN1995PTC094384	UTCON ENGINEERS PRIVATE LIMITED	Director	30-09-11	09-03-11	-	Active	NO
4	U72900PN2011PTC140056	AVIRAT TECHNOLOGIES PRIVATE LIMITED	Director	05-07-11	05-07-11	-	Active	NO
5	U85100PN2011PTC141471	ADIKNOVA PRIVATE LIMITED	Director	25-11-11	25-11-11	-	Active	NO
6	U15549PN2012PTC144966	DOUBLE BITE FOODS PRIVATE LIMITED	Director	05-10-12	05-10-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Vilas Vishwanth Karambekar	93881
Ashwini Neelkanth Udgaonkar Dravid	59750
Dhananjay Neelkanth Udgaonkar	79000
Neelkanth Madhav Udgaonkar	1741377
Ashwini Neelkanth Udgaonkar Dravid	24992
Vivek Patil	500
Shrikant Patil	500
Total	2000000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.95
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Material Handling Systems.

Products / Services :

Item Code No. (ITC Code)	Product/ Services Description
9712	Material Handling Equipments

· Conveyors

Equipments

Manipulators, Pick and Place

Gantry

Special Purpose Equipments

Fixtures

Engineering

Equipments and Control System Design

Project Management

Manufacturing and Assembly

System Installation and Support

After Sales Services

Areas of Operation

Automation for Forging Lines and Foundries

Semi-Automatic and Automatic Lines for Machining and Assembly

Fixtures for Assembly, Inspection and Testing

Ergonomic Handling (Manipulators)

PLC Controlled Pick and Place Units, Liner and Area Gantries (Manipulators)

Special Projects, Equipments and Machines.

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

· The Saraswat Co-Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune - 411003, Maharashtra, India

Kotak Mahindra Bank Limited

Bank of Maharashtra

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Saraswat Co-Operative Bank	0.806	1.603
Future Capital Holdings	19.599	0.000
Cholamandalm DBS Finance Limited	0.000	11.511
Short term borrowings
Cash credit from Bank	31.834	31.029
Short term loan from bank	1.177	0.000
Kotak Mahindra Bank Limited	0.004	0.766
Bank of Maharashtra	0.000	0.152
Future Capital Holdings Limited	0.471	0.000
Total	53.891	45.061

Banking Relations :	--
Auditors :
Name :	Bipin Vora and Associates Chartered Accountants
Address :	Gangadhar Apartment, Flat No. 8, 586, Narayan Peth, Near Kanya Shala, Pune – 411030, Maharashtra, India
Tel. No. :	91-20-24337011
E-Mail :	bipinvoraandassociates@gmail.com
PAN No. :	AAOPV4273A

CAPITAL STRUCTURE

As on 31.03.2012

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
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	12.408
(b) Reserves & Surplus	58.716	74.824
(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)	78.716	87.232
(3) Non-Current Liabilities
(a) long-term borrowings	36.235	27.168
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	6.059	5.029
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	42.294	32.197
(4) Current Liabilities
(a) Short term borrowings	33.485	31.947
(b) Trade payables	31.622	31.959
(c) Other current liabilities	4.405	4.858
(d) Short-term provisions	10.491	10.733
Total Current Liabilities (4)	80.003	79.497
TOTAL	201.013	198.926
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.278	137.130
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.097	0.094
(e) Other Non-current assets	1.222	1.222
Total Non-Current Assets	137.622	138.471
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.692	15.950
(c) Trade receivables	45.729	38.993
(d) Cash and cash equivalents	4.390	3.407
(e) Short-term loans and advances	2.580	2.105
(f) Other current assets	0.000	0.000
Total Current Assets	63.391	60.455
TOTAL	201.013	198.926

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.408
2] Share Application Money		0.000
3] Reserves & Surplus		85.314
4] (Accumulated Losses)		0.000
NETWORTH		97.722
LOAN FUNDS
1] Secured Loans		23.203
2] Unsecured Loans		17.080
TOTAL BORROWING		40.283
DEFERRED TAX LIABILITIES		0.000
TOTAL		138.005
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.344
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERRED TAX ASSETS		0.179
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.494
	Sundry Debtors	26.159
	Cash & Bank Balances	2.948
	Other Current Assets	0.000
	Loans & Advances	2.149
Total Current Assets		35.750
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.657
	Other Current Liabilities	0.000
	Provisions	17.636
Total Current Liabilities		34.293
Net Current Assets		1.457
MISCELLANEOUS EXPENSES		0.000
TOTAL		138.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	124.354	82.560	59.997
		Other Income	0.251	1.068	0.654
		TOTAL	124.605	83.628	60.651
Less	EXPENSES
		TOTAL	140.713	94.911	65.397
	PROFIT/ (LOSS) BEFORE TAX		(16.108)	(11.283)	(4.746)
Less	TAX		0.000	(0.793)	(1.371)
	PROFIT/ (LOSS) AFTER TAX		(16.108)	(10.490)	(3.375)
	IMPORTS
		Raw Materials	NA	4.528	1.085
	TOTAL IMPORTS		NA	4.528	1.085
	Earnings / (Loss) Per Share (Rs.)		8.054	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	140.000

The above information has been parted by Ms. Megha Gupta (Sales Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(12.93)	(12.54)	(5.56)
Net Profit Margin (PBT/Sales)	(%)	(12.95)	(13.67)	(7.91)
Return on Total Assets (PBT/Total Assets}	(%)	(8.01)	(5.67)	(2.76)
Return on Investment (ROI) (PBT/Networth)		(0.20)	(0.13)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		0.89	0.68	0.41
Current Ratio (Current Asset/Current Liability)		0.79	0.76	1.04

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 four 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	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	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Long term borrowings
N.M. Udgaonkar	7.717	7.941
D.N. Udgaonkar	2.0000	0.000
V.V. Karambalekar	0.266	0.266
Shrikant J Patil	2.941	2.942
Vivek J Patil	2.905	2.905
Total	15.829	14.054

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909PN1995PTC094384
Name of the company	UTCON ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	403, Bhosale Saptsur, 61/62, Bhosale Nagar, Pune – 411007, Maharashtra, India E-mail: sales@utcon.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10351751
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (All intangible property)
Particular of charge holder	The Saraswat Co-Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune - 411003, Maharashtra, India E-mail: csadeshpande@gmail.com
Nature of instrument creating charge	1) Equitable mortgage by deposit of original title deeds dated 18^th July 2012 2) Agreement of hypothecation of movable property dated 18^th July 2012 (Both these documents create a single charge)
Date of instrument Creating the charge	18.07.2012
Amount secured by the charge	Rs. 3.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR + 2% =17.50% P.A. with monthly rests or at such rates as may be prescribed by bank from time to time. present plr is 15.50% P.A. Terms of Repayment Repayment within 2 months from the date of disbursement or repayable on demand. Margin 30% of hypothecation of stock less sundry creditors. 30% of debtors (within 90 days) 50% of debtors (above 90 days - upto 180 days) Extent and Operation of the charge Type of facility :- short term cash credit limit of Rs.3.000 millions Others All other terms and conditions as per the agreement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers/s doth do hereby hypothecate to and in favour of bank all stock, book debts, outstanding, monies receivable, claims and bills and all tangible movable property(both present and future) Belonging to the borrowers and lying and being at the borrower's place of business at 115/2 general block, midc, bhosari, pune or at borrower's place of residence or anywhere else.
Particulars of the present modification	1) No change in short term cash credit of Rs.3.000 millions. terms and conditions remain unchanged. 2)Additional immovable and movable properties provided as per annexure attached.

FIXED ASSETS

· Land and Building

Furniture and Fixtures

Plant and Machinery

Computer and Software

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.59.64
UK Pound	1	Rs.90.14
Euro	1	Rs.77.99

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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

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.