MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	UNITED EXIM PRIVATE LIMITED
Registered Office :	C-116, SEC-63, Noida - 201301, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.06.1995
Com. Reg. No.:	55-070340
Capital Investment / Paid-up Capital :	Rs. 7.326 Millions
CIN No.: [Company Identification No.]	U51420DL1995PTC070340
TAN No.: [Tax Deduction & Collection Account No.]	DELU01608F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of suits and Tuxedo, Formal Suits, Mens Suits, Womens  Suits, etc.
No. of Employees :	450 (Approximately) (In Office = 50 and In Factory = 400)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having a moderate track record. The management of the company has failed to file its financials with the government department for the year 2012. The financials of 2011 are also not made available. As per old (2010), the financial strength and the performance capability of the company appears to be below average. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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

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. Gurveer Singh
Designation :	Director
Contact No.:	91-9873258000
Date :	06.03.2013

LOCATIONS

Registered Office / Factory :	C-116, SEC-63, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4832900
Mobile No.:	91-9873258000 (Mr. Gurveer Singh)
Fax No.:	Not Available
E-Mail :	gurveer@unitedexim.com admin@unitedexim.com
Website :	http://www.unitedexim.com
Area :	34000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Inderpal Singh
Designation :	Director
Address :	R-9, Greater Kailash, New Delhi – 110048, India
Date of Birth/Age :	30.09.1956
Qualification :	Graduate
Date of Appointment :	29.06.1995
DIN No.:	01635449
Name :	Mr. Kuljit Kaur
Designation :	Director
Address :	R-9, Greater Kailash, New Delhi – 110048, India
Date of Birth/Age :	13.01.1960
Qualification :	Graduate
Date of Appointment :	29.06.1995
DIN No.:	01635715
Name :	Mr. Ishpreet Singh
Designation :	Additional Director
Address :	R-9, Greater Kailash, New Delhi – 110048, India
Date of Birth/Age :	16.11.1985
Qualification :	Graduate
Date of Appointment :	01.10.2009
DIN No.:	01635665
Name :	Mr. Gurveer Singh
Designation :	Director
Address :	R-9, Greater Kailash, New Delhi – 110048, India
Date of Birth/Age :	31.10.1989
Qualification :	Graduate
Date of Appointment :	13.12.2010
DIN No.:	03338093

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Inderpal Singh	410000
Kuljit Kaur	2600
Harinder Singh	320000
Total	732600

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of suits and Tuxedo, Formal Suits, Mens Suits, Womens  Suits, etc.
Products :	Mens Formal Suits Womens Formal Suits Formal Trousers Semi Formal Trousers Formal Blazers Semi Formal Blazers Corporate dressing Uniform Blazers Institutional Sales Hotel Uniforms
Exports :
Products :	Finish Goods
Countries :	UAE UK
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Against Delivery / Advance
Purchasing :	Credit (30 to 90 Days)

GENERAL INFORMATION

Suppliers :

Grasim, Bhiwani, Haryana

Customers :

End Users and OEM’s

ITC, Gurgaon

No. of Employees :

450 (Approximately) (In Office = 50 and In Factory = 400)

Bankers :

• Syndicate Bank, Hauz Khas, New Delhi - 110016, India
• Kotak Mahindra Bank, Sector 63, Noida, Uttar Pradesh, India

Tel. No.: 91-120-4082482

• Punjab and Sind Bank Kailash Colony, New Delhi
• Oriental bank of commerce Connuaught Circus, New Delhi
• HDFC Bank Limited, G K-II, New De
• Punjab National Bank, TKD, New Delhi

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Loan raised from Syndicate Bank Hauz Khas	1.002	2.561
Overdraft from Oriental Bank of Commerce Greater kailash-I New Delhi(against 3rd party Fixed Deposit )	8.648	0.000
Packing Credit Loan Loan raised from syndicate Bank Hauz Khas	0.000	5.000
Term Loan
Vehicle Loan from ICICI Bank	0.000	0.197
Vehicle Loan from ICICI Bank	0.000	0.448
Syndicate bank Secured Loan	4.789	4.922
Total	14.439	13.128

Banking Relations :	--
Auditors :
Name :	SGSK and Associates Chartered Accountants
Address :	124, Defence Enclave, Vikas Marg, New Delhi – 110092, India
PAN.:	AAJFA7892B

CAPITAL STRUCTURE

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
732600	Equity Shares	Rs.10/- each	Rs.7.326 Millions

(320,000 equity shares have been issued other than cash in consideration of transfer of Property 121A Sainik Farm, New Delhi in favour of the Company)

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		7.326	7.326	7.326
2] Share Application Money		0.039	0.039	0.039
3] Reserves & Surplus		0.631	0.079	0.000
4] (Accumulated Losses)		0.000	0.000	(0.390)
NETWORTH		7.996	7.444	6.975
LOAN FUNDS
1] Secured Loans		14.439	13.128	1.070
2] Unsecured Loans		5.321	12.948	11.437
TOTAL BORROWING		19.760	26.076	12.507
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		27.756	33.520	19.482
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.800	17.682	8.946
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.780	2.780	2.605
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.030	13.760	12.009
	Sundry Debtors	7.869	2.826	1.146
	Cash & Bank Balances	0.357	0.808	2.741
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.275	2.562	0.726
Total Current Assets		23.531	19.956	16.622
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.287	2.761	0.365
	Other Current Liabilities	12.817	3.543	8.033
	Provisions	0.251	0.594	0.293
Total Current Liabilities		16.355	6.898	8.691
Net Current Assets		7.176	13.058	7.931
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.756	33.520	19.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	20.455	21.567	3.051
		Other Income	3.106	2.627	1.171
		TOTAL (A)	23.561	24.194	4.222
Less	EXPENSES
		Manufacturing Cost	12.857	17.306
		Personnel	3.044	2.298	3.721
		Administration	3.179	2.250
		TOTAL (B)	19.080	21.854	3.721
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.481	2.340	0.501
Less	FINANCIAL EXPENSES (D)		1.857	0.520	0.110
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.624	1.820	0.391
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.072	0.970	0.269
	PROFIT BEFORE TAX (E-F) (G)		0.552	0.850	0.122
Less	TAX (H)		0.000	0.380	(0.006)
	PROFIT AFTER TAX (G-H) (I)		0.552	0.470	0.128
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.080	(0.390)	(0.518)
	BALANCE CARRIED TO THE B/S		0.632	0.080	(0.390)
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	8.373	16.071	2.363
	TOTAL EARNINGS		8.373	16.071	2.363
	Earnings Per Share (Rs.)		0.75	0.64	NA

Expected Sales (2012-13) : Rs.70.000 Millions

The above information has been parted by Mr. Gurveer Singh

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.34	1.94	3.03
Net Profit Margin (PBT/Sales)	(%)	2.70	3.94	4.00
Return on Total Assets (PBT/Total Assets}	(%)	1.34	2.26	0.48
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.02
Debt Equity Ratio (Total Debt /Networth)		2.47	3.50	1.79
Current Ratio (Current Asset/Current Liability)		1.44	2.89	1.91

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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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	No

Note:

The registered office of the company has been shifted from B-128, Okhla Industrial Area Phase-I, New Delhi – 110020, India to present address

PERFORMACE REVIEW

The company’s sale of Rs. 13.035 Millions (PY Rs. 20.382 Millions) was by way of exports and local sales resulting into Profits after Taxation and Provisions for Tax and Deferred Taxes of Rs. 0.552 Million (PY Rs. 0.470 Million).

The Land and Building at Sainik Farms, New Delhi of the Company had not been mutated in the name of the company as per the of MCD and the agreement to sale/purchase had not been registered. Despite of these facts the title of the Land and Building is with the company. No depreciation has been charged on Building since the land and building had not been segregated and hence the profits have been inflated on account of Depreciation on Building.

In the absence of Actuarial Valuation report, the profits of the company have been inflated by the amount of provision of leave encashment/Gratuity as per the Accounting Standards-15

CONTINGENT LIABILITES

Rs. In Millions

Particular	31.03.2010	31.03.2009
Claims against the Company not acknowledged as debts
Outstanding Liabilites in respect of Bank Guarantee In respect of Custom Duty on Machinery (Bank Guarantee of Rs.0.450 Millions issued by Syndicate Bank Hauz Khas Branch, New Delhi in favour of Customs valid Upto 20.02.2017)	0.450	0.450
Outstanding Liability in respect of Bank Guarantee Fully secured by FDRs in respect of Sales Tax	0.070	0.070

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2010	As on 31.03.2009
From Directors	5.321	12.948
Total	5.321	12.948

TRADE REFERENCES

• Grasim, Bhiwani, Haryana
• ITC, Gurgaon

FIXED ASSETS

• Furniture and Fixtures
• Air Conditioner
• Almirah
• Ups/Inverter
• Camara
• Computer
• Electrical Fittings
• Generator
• Kampressor
• Pager
• R.O.Systems
• Dummy
• Mobile
• Refrigerator
• Power Adaptor
• Time Watch
• Printer
• Water Cooler
• Water Pump
• Car
• Scooter
• Sewing Machine
• Weighing Machine
• Office Equipments
• Container
• Building

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] 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.54.28
UK Pound	1	Rs.82.06
Euro	1	Rs.70.23

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	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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.