MIRA INFORM REPORT

Report Date :

19.09.2013

IDENTIFICATION DETAILS

Name :	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED
Registered Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.09.2006
Com. Reg. No.:	11-164256
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U24119MH2006PTC164256
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in the Minerals and Mining Business and also into the business of trading in Chemicals (Organic and Inorganic).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As it appears accumulated losses and external borrowing are huge. 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

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.

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.

LOCATIONS

Registered Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-43534318/ 43534353
Fax No.:	91-22-22854741
E-Mail :	hmistry@ucil.co.in

DIRECTORS

As on: 28.09.2012

Name :

Mr. Hitesh Dhansukhlal Mistry

Designation :

Director

Address :

Sai Ashish-1, C/313, 3rd Floor, Veer Savarkar Marg, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

21.09.1976

Date of Appointment :

09.07.2009

DIN No.:

00309149

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	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	30/09/2006	03/05/2006	-	Active	NO
2	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Director	21/08/2009	23/07/2008	-	Active	NO
3	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	09/07/2009	20/12/2008	-	Active	NO
4	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Additional director	17/06/2013	11/05/2010	-	Active	NO

Name :

Mr. Satish Baburao Jagtap

Designation :

Director

Address :

B 2/301 Mohan Puram, Sai Kansai Section Ambernath, Thane – 421501, Maharashtra, India

Date of Birth/Age :

06.07.1962

Date of Appointment :

09.07.2009

DIN No.:

02201450

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	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	09/07/2009	20/12/2008	-	Active	NO
2	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Additional director	17/06/2013	17/06/2013	-	Active	NO

Name :

Mr. Arun Kumar Mundhra

Designation :

Director

Address :

11 Konark Chandralok, 5th Floor, 14 B Jethabhai Lane, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

10.05.1967

Date of Appointment :

09.07.2009

DIN No.:

02450641

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	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	09/07/2009	20/12/2008	-	Active	NO
2	U24100MH2009PTC190322	AVRON CHEMICALS PRIVATE LIMITED	Director	15/09/2012	23/01/2012	-	Active	NO
3	U51900WB2009PTC133119	SWADESHI MERCHANTS PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Krishna Gopal B. Maheshwari	28500
Shanti K. Maheshwari	28500
Madhurika K. Maheshwari	28500
Jayashree Traders Private Limited, India	28500
Krishna Gopal B. Maheshwari (HUF) Represented by Krishna Gopal B. Maheshwari	6000
Kamalesh Kumar Maheshwari (HUF) Represented by Kamalesh Kumar Maheshwari	29500
S.M. Bhatt (HUF) Represented by Nootan Bhatt	500
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	19.00
Other top fifty shareholders	81.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in the Minerals and Mining Business and also into the business of trading in Chemicals (Organic and Inorganic).

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	R.C. Reshamwala and Company Chartered Accountants
Address :	323, Verma Chambers, 11 Homji Street, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAFFR7901L

CAPITAL STRUCTURE

As on: 31.03.2012

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
150000	Equity Shares	Rs.10/- each	Rs.1.500 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	1.500	0.500
(b) Reserves & Surplus	(1.188)	(1.593)
(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)	0.312	(1.093)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(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)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	27.500	35.100
(b) Trade payables	3.549	0.418
(c) Other current liabilities	0.236	0.026
(d) Short-term provisions	0.000	0.130
Total Current Liabilities (4)	31.285	35.674
TOTAL	31.597	34.581
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.091	0.114
(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	0.050	0.050
(c) Deferred tax assets (net)	0.006	0.005
(d) Long-term Loan and Advances	3.041	3.132
(e) Other Non-current assets	0.025	0.017
Total Non-Current Assets	3.213	3.318
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.164	2.227
(c) Trade receivables	23.420	0.425
(d) Cash and cash equivalents	2.786	26.044
(e) Short-term loans and advances	0.014	2.263
(f) Other current assets	0.000	0.304
Total Current Assets	28.384	31.263
TOTAL	31.597	34.581

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.162)
NETWORTH		0.338
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		9.850
TOTAL BORROWING		9.850
DEFERRED TAX LIABILITIES		0.000
TOTAL		10.188
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.115
Capital work-in-progress		0.000
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.004
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.093
	Sundry Debtors	4.453
	Cash & Bank Balances	0.005
	Other Current Assets	0.000
	Loans & Advances	3.923
Total Current Assets		10.474
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.655
	Other Current Liabilities	0.272
	Provisions	0.135
Total Current Liabilities		1.062
Net Current Assets		9.412
MISCELLANEOUS EXPENSES		0.607
TOTAL		10.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	73.266	10.462	15.364
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.517	(1.404)	1.169
Less/ Add	DEPRECIATION/ AMORTISATION		0.023	0.028	0.032
	PROFIT/ (LOSS) BEFORE TAX		0.494	(1.432)	1.137
Less	TAX		0.088	(0.001)	0.349
	PROFIT/ (LOSS) AFTER TAX		0.406	(1.431)	0.788
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.593)	(0.162)	(0.896)
Less	PRIOR PERIOD EXPENSES		0.000	0.000	0.054
	BALANCE CARRIED TO THE B/S		(1.187)	(1.593)	(0.162)
	Earnings/ (Loss) Per Share (Rs.)		2.71	(28.83)	15.75

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.57	(4.15)	10.74
Return on Investment (ROI) (PBT/Networth)		1.58	(1.31)	3.36
Debt Equity Ratio (Total Debt/Networth)		88.14	(32.11)	29.14
Current Ratio (Current Asset/Current Liability)		0.91	0.88	9.86

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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	No
24]	Banking facility details	No
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 LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loan from Shareholder	27.500	10.100
Inter Corporate Deposit
BGH Exim Limited	0.000	25.000
Total	27.500	35.100

Note: No Charges Exist for Company 

FIXED ASSETS

• Office Equipments
• Furniture and Fixture
• Computers
• Vehicles

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 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.63.14
UK Pound	1	Rs.100.48
Euro	1	Rs.87.37

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.