MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	UIC CORPORATION PRIVATE LIMITED
Registered Office :	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2010
Com. Reg. No.:	04-061974
Capital Investment / Paid-up Capital :	Rs. 40.000 Millions
CIN No.: [Company Identification No.]	U24110GJ2010PTC061974
PAN No.: [Permanent Account No.]	AABCU3079P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Granules.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern during 2002 as ‘UIC Corporation’ and during 2010 it got converted into a private limited company. It is having a moderate track record. Even though it has achieved better sales turnover from operations during 2012, there appears some dip in its profits. Reserves appear to be low. There appear huge external borrowings. However, trade relations are reported as 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	15.04.2013

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Moderate risk of default
Date	15.04.2013

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 DENIED BY

Name :	Mr. Bharat Harilal Valia
Designation :	Director
Contact No.:	91-9820036595
Date :	30.04.2013

LOCATIONS

Registered Office :	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9820036595 (Mr. Bharat Harilal Valia)
Fax No.:	Not Available
E-Mail :	uicpvtltd@gmail.com
Factory :	Survey No. 285, Main Khanvel Kherdi, Silvassa - 396230, Dadra and Nagar Haveli, India

DIRECTORS

As on: 24.09.2012

Name :	Mr. Pankajbhai Harilal Valia
Designation :	Director
Address :	55, Vrindavan, Nutun Laxmi Society, Road No. 9, Juhu Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	15.01.1955
Date of Appointment :	12.08.2010
PAN No.:	AAHPV1633R
DIN No.:	02047350
Name :	Mr. Hardik Bharat Valia
Designation :	Director
Address :	3, Vakharia House, Presidency Society, N. S. Road 9, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	07.11.1982
Date of Appointment :	17.08.2010
PAN No.:	ABWPV4826C
DIN No.:	03068026

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.09.2012

Names of Shareholders	No. of Shares
Pankajbhai Harilal Valia	1550000
Bharat Harilal Valia	1050000
Hardik Bharat Valia	2100000
Bhushan Pankaj Valia	1750000
Daksha Pankaj Valia	575000
Ilaben Bharat Valia	525000
Rachna Hardik Valia	200000
Gujarat Packaging, India	250000
Total	8000000

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Bodies corporate	3.12
Directors or relatives of Directors	96.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Granules.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Reprocessed Plastic Granules	MT	20125

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of India, Sir P. M. Road Branch, Gresham House, Ground Floor, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks (Amount 0.467 Million is secured against hypothecation of car, and Amount 15.694 Millions is secured against book debts)	16.161	16.988
Total	16.161	16.988

Banking Relations :	--
Auditors :
Name :	Sarda Soni Associates Chartered Accountants
Address :	16/13, Kapadia Chembers, 599 JSS Road, Chirabazar, Mumbai - 400002, Maharashtra, India
PAN.:	AADFS5674D
Related Party:	Api Industries Private Limited Gujarat Packaging V H C L Industries Limited PMS Exports Private Limited

CAPITAL STRUCTURE

As on: 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

After: 24.09.2012

Authorised Capital : Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 130.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000
2] Share Application Money		40.000	0.000
3] Reserves & Surplus		34.076	15.113
4] (Accumulated Losses)		0.000	0.000
NETWORTH		114.076	55.113
LOAN FUNDS
1] Secured Loans		16.161	16.988
2] Unsecured Loans		427.193	40.325
TOTAL BORROWING		443.354	57.313
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		557.430	112.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.292	26.795
Capital work-in-progress		0.000	0.000
INVESTMENT		14.311	9.811
DEFERREX TAX ASSETS		0.131	0.180
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.296	59.522
	Sundry Debtors	1273.653	563.666
	Cash & Bank Balances	46.166	128.949
	Other Current Assets	0.374	0.498
	Loans & Advances	57.659	74.889
Total Current Assets		1445.148	827.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	909.667	716.678
	Other Current Liabilities	7.536	9.889
	Provisions	19.249	25.317
Total Current Liabilities		936.452	751.884
Net Current Assets		508.696	75.640
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		557.430	112.426

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Turnover	2079.400	1352.386
		Other Income	NA
		TOTAL	NA	1352.386
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	1318.869
		Advertising Expenses
		TOTAL	NA	1318.869
	PROFIT BEFORE TAX		25.618	33.517
Less	TAX		6.718	9.044
	PROFIT AFTER TAX		18.900	24.473
	Earnings Per Share (Rs.)		4.73	6.12

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	2.48
Return on Total Assets (PBT/Total Assets}	(%)	1.73	3.92
Return on Investment (ROI) (PBT/Networth)		0.22	0.61
Debt Equity Ratio (Total Debt /Networth)		3.88	1.04
Current Ratio (Current Asset/Current Liability)		1.54	1.10

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Creditors due others	909.667	716.678
Total	909.667	716.678

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	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	Yes
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 of the company	U24110GJ2010PTC061974
Name of the company	UIC CORPORATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat, India uicpvtltd@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10266034
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Sir P.M. Road Branch, Fort, Mumbai-400001, Maharashtra, India kamalax_saraf@hotmail.com
Nature of instrument creating charge	No instrument. Memorandum of deposit for creation of charge for term loan / overall Limit
Date of instrument Creating the charge	20.07.2012
Amount secured by the charge	Rs.420.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge As per sanction terms
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future goods, book-debts and all other movable assets of the borrower including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme claims including claims by way of refund of customs/ excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession of the borrower or of the bank or of any third party whether in India or elsewhere throughout the world.
Particulars of the present modification	Now by the present Modification Date. 20.07.2012 the company offered collateral security by way of an E.M. by dated. Over the immovable Property By fixing the mort. At Rs. 420.000 Millions. The details of the immoveable Property Situated at: all that p/p of land bearing S. No.285, Lying, being and Situated At Village Kherdi of the U.T. of Dadra and Nagar Haveli. and bearing P.No.68 of Town Planning Scheme-Vi, Lying, Being and Situate At Village Vile Parle (West),Taluka. Andheri in the regn. District and sub- District of Mumbai city and Mumbai suburban

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Rupee term loans from others	0.844	3.748
Deposits from directors	0.635	14.079
Deposits from others	425.714	22.498
Total	427.193	40.325

FIXED ASSETS

• Land
• Buildings
• Office Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

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. 54.22
UK Pound	1	Rs. 84.00
Euro	1	Rs. 70.98

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

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	4
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.