MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	UIC CORPORATION PRIVATE LIMITED
Registered Office :	Dadra and Nagar Haveli, Survey No.285, Main Khanvel Kherdi Road, Kherdi, Silvassa – 396 230, Dadra Nagar Haveli-
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2010
Com. Reg. No.:	54-000420 (New) 04-061974 (Old)
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U24110GJ2010PTC000420 (New) U24110GJ2010PTC061974 (Old)
PAN No.: [Permanent Account No.]	AABCU3079P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer 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 456000
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.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Manish Mehta
Designation :	Accounts Department
Contact No.:	91-22-26256468
Date :	09.10.2013

LOCATIONS

Registered Office/ Factory :	Dadra and Nagar Haveli, Survey No.285, Main Khanvel Kherdi Road, Kherdi, Silvassa – 396 230, Dadra Nagar Haveli, India
Tel. No.:	Not Available
Mobile No.:	91-9820036595 (Mr. Bharat Harilal Valia)
Fax No.:	Not Available
E-Mail :	uicpvtltd@gmail.com
Location :	Owned
Head Office :	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar – 364 002, Gujarat, India
Corporate Office :	402, Casablanca, Plot No.130, CTS – 3A/5, Gulmohar Cross Road No.10, Juhu, Vile Parle (West), Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-26256468/ 69/ 71
Fax No.:	91-22-26253232

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 – 400 049, Maharashtra, India

Date of Birth/Age :

15.01.1955

Date of Appointment :

12.08.2010

PAN No.:

AAHPV1633R

DIN No.:

02047350

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	U01110MH1995PTC084746	SILVER TOP AGRO (INDIA) PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
2	U72900MH2000PTC126638	HARDIK COM PRIVATE LIMITED	Director	19/05/2000	19/05/2000	-	Strike off	NO
3	L26954MH1978PLC194917	VHCL INDUSTRIES LIMITED	Managing director	09/02/2008	09/02/2008	-	Amalgamated	NO
4	L99999MH1994PLC082810	UNITECH INTERNATIONAL LIMITED	Director	01/04/2009	01/04/2009	08/07/2013	Active	NO
5	U24130GJ2010PTC061775	HARDIK INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	29/07/2010	29/07/2010	01/01/2011	Active	NO
6	U24139GJ2010PTC061975	API INDUSTRIES PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
7	U24110DN2010PTC000420	UIC CORPORATION PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
8	L27200MH1991PLC062568	VHCL INDUSTRIES LIMITED	Managing director	27/10/2012	17/11/2011	-	Active	NO

Name :

Mr. Hardik Bharat Valia

Designation :

Director

Address :

3, Vakharia House, Presidency Society, N.S. Road 9, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

07.11.1982

Date of Appointment :

30.09.2011

PAN No.:

ABWPV4826C

DIN No.:

03068026

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	U24139GJ2010PTC061975	API INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
2	U24110DN2010PTC000420	UIC CORPORATION PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
3	U51900MH2000PTC128903	PMS EXPORTS PRIVATE LIMITED	Director	30/09/2011	20/10/2010	-	Active	NO
4	U25203MH2010PTC210442	PLAST LINK POLYMERS INDIA PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO
5	U25193MH2012PTC230982	MAYFAIR PACK POLYMERS PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Mehta
Designation :	Accounts Department

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

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	3.12
Directors or relatives of directors	96.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Plastic Granules.
Imports :
Products :	Raw Materials
Countries :	Korea USA Japan Middle East UAE
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Reprocessed Plastic Granules	MT	Not Applicable	20125	11072.749

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, Sir P.M. Road Branch, Gresham House, Ground Floor, Fort, Mumbai – 400 001, Maharashtra, India

Tel. No.: 91-22-22661301

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks [Amount 0.467 million (previous year: Rs.1.037 millions) is secured against hypothecation of car, and amount Rs.15.694 millions (previous year: Rs.15.951 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 – 400 002, Maharashtra, India
PAN No.:	AADFS5674D
Other Related Parties :	API Industries Private Limited, India Gujarat Packaging, India VHCL Industries Limited, India PMS Exports Private Limited, India

CAPITAL STRUCTURE

AFTER 24.09.2012

Authorised Capital : Rs.200.000 millions

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

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

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	40.000	40.000
(b) Reserves & Surplus	34.076	15.113
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	40.000	0.000
Total Shareholders’ Funds (1) + (2)	114.076	55.113
(3) Non-Current Liabilities
(a) Long-term borrowings	443.354	57.313
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	443.354	57.313
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	909.667	716.678
(c) Other current liabilities	7.536	9.889
(d) Short-term provisions	19.249	25.316
Total Current Liabilities (4)	936.452	751.883
TOTAL	1493.882	864.309
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.292	26.795
(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	14.311	9.811
(c) Deferred tax assets (net)	0.131	0.180
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.374	0.498
Total Non-Current Assets	49.108	37.284
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	67.296	59.522
(c) Trade receivables	1273.653	563.666
(d) Cash and cash equivalents	46.166	128.949
(e) Short-term loans and advances	57.659	74.888
(f) Other current assets	0.000	0.000
Total Current Assets	1444.774	827.025
TOTAL	1493.882	864.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Turnover	2079.400	1344.200
		Other Income	NA	8.186
		TOTAL	NA	1352.386
Less	EXPENSES
		Office Expenses	NA	1318.868
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	1318.868
	PROFIT BEFORE TAX		NA	33.518
Less	TAX		NA	9.045
	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	1.81
Net Profit Margin (PBT/Sales)	(%)	NA	2.49
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.92
Return on Investment (ROI) (PBT/Networth)		NA	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

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

Note:

The registered office of the company has been shifted from A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar – 364 002, Gujarat, India to the present address.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	0.844	3.749
Deposits from directors	0.635	14.079
Deposits from others	425.714	22.497
Total	427.193	40.325

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266034	20/07/2012 *	420,000,000.00	STATE BANK OF INDIA	SIR P.M. ROAD BRANCH, GRESHAM HOUSE, GROUND FLOOR, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B43961366

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· 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.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

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
DEFAULTERS
--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.