MIRA INFORM REPORT

Report Date :

10.01.2014

IDENTIFICATION DETAILS

Name :	UNIFAB TEXCOT INDIA PRIVATE LIMITED
Registered Office :	239 Vettaikaran Kuttaikumar Nagar, Karumathampatti, Coimbatore – 641659, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.06.2005
Com. Reg. No.:	18-011932
Capital Investment / Paid-up Capital :	Rs.12.024 Millions
CIN No.: [Company Identification No.]	U17115TZ2005PTC011932
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of textile fabric.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears accumulated loss recorded by the company during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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. V Anand Kumar
Designation :	Managing Director
Contact No.:	91-9655232555
Date :	08.01.2014

LOCATIONS

Registered Office / Factory:	239 Vettaikaran Kuttaikumar Nagar, Karumathampatti, Coimbatore – 641659, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9655232555 (Mr. V Anand Kumar)
Fax No.:	Not Available
E-Mail :	kpselangoassociates@yahoo.co.in
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Velu Anand Kumar

Designation :

Managing director

Address :

127A, Ramanarayana Layout, S B Colony, Coimbatore – 641043, Tamil Nadu, India

Date of Birth/Age :

17.12.1975

Date of Appointment :

12.06.2013

DIN No.:

02594182

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	U17115TZ2005PTC011932	UNIFAB TEXCOT INDIA PRIVATE LIMITED	Managing director	12/06/2013	24/06/2005	-	Active	NO

Name :

Mr. Murugasamy Krishnapriya

Designation :

Director

Address :

No,51 Vallalar Nagar, Vadavalli, Coimbatore – 641046, Tamil Nadu, India

Date of Birth/Age :

11.04.1956

Date of Appointment :

24.06.2005

DIN No.:

02167774

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	U17111TZ1994PLC005439	S V M BEST FABRICS LIMITED	Director	16/01/2003	16/01/2003	-	Active	NO
2	U17115TZ2005PTC011932	UNIFAB TEXCOT INDIA PRIVATE LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R Dhanasekaran
Designation :	Company Secretary
Address :	156/29, II Floor, Parsn Trade Plaza, Dr. Nanjappa Rad, Coimbatore – 641018, Tamilnadu, India
Tel. No.:	91-422-2304479
Mobile No.:	9442014480
E-Mail :	Sharpcs1@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
M Krishnapriya	201640
V Anand Kumar	599640
Sarojini	185650
K Murugasamy	105490
M Saran Priya	40000
M Raj Priya	40000
M Pavithra Priya	30000
Total	1202420

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of textile fabric.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit (Depend)

GENERAL INFORMATION

Suppliers :

· Rainbow Spinners Limited, Tamilnadu

Customers :

Retailers and End Users

· Bombay Dyeing, Mumbai

No. of Employees :

60 (Approximately)

Bankers :

Indian Bank, Coimbatore Main Branch, 31, Variety Hall Road, Coimbatore - 641001, Tamil Nadu, India

Banker Reported : Satisfactory

Tel No.: 91-422-2397758

Facilities :

Cash Credit: Rs. 13.500 Millions (Indian Bank)

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

Term Loan from Bank

5.518

7.617

Less: Amount included under the head other current liabilities

(1.908)

(1.721)

Short-term borrowings

Loans repayable on demand from bank

Cash Credit

7.616

3.466

Total

11.226

9.362

Note:

LONG-TERM BORROWINGS

Nature of security	Term of repayment
Tem loan amounting to Rs. 5.518 Millions (Rs.16.034) (Santioned Limit Rs. 20.800 Millions) is secured by	Repayable in 75 equal monthly installments commencing from July 2006. Last installments due to march 2015. Rate of Interest 11% p.a. as at the year end.
Hypothecation of Suzer Loom
Hypothecation of Land and Building No. 362 and 363, Bharathi Park Road, Coimbatore – 641043, Tamilnadu, India

SHORT-TERM BORROWINGS

Nature of security	Term of repayment
Woring capital loans amounting to Rs. 3.466 Millions (4.013) (Santioned Limit Rs. 4.000 Millions)	Cash credit
Hypothecation of Raw Material, work in progress, finished goods, receivable, consumed spares and other current assets.	Repayable on demand

Banking Relations :	--
Auditors :
Name :	K P S Elango and Associates Chartered Accountants
Address :	52, Sathyamoorthy Road, Ramnagar, Coimbatore – 641009, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFK7044G

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1202420	Equity Shares	Rs.10/- each	Rs. 12.024 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.024	12.024	12.024
(b) Reserves & Surplus	(10.468)	(11.640)	(11.070)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.250	0.250	0.250
Total Shareholders’ Funds (1) + (2)	1.806	0.634	1.204
(3) Non-Current Liabilities
(a) long-term borrowings	13.923	17.004	10.191
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.923	17.004	10.191
(4) Current Liabilities
(a) Short term borrowings	7.616	3.466	4.013
(b) Trade payables	7.469	2.082	0.937
(c) Other current liabilities	2.539	2.099	8.641
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	17.624	7.647	13.591
TOTAL	33.353	25.285	24.986
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.070	11.790	13.800
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	4.294	3.774	3.488
(d) Long-term Loan and Advances	0.244	0.201	0.191
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.608	15.765	17.479
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.819	6.041	5.978
(c) Trade receivables	5.195	3.138	0.615
(d) Cash and cash equivalents	0.190	0.137	0.038
(e) Short-term loans and advances	0.541	0.204	0.876
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	17.745	9.520	7.507
TOTAL	33.353	25.285	24.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	74.723	22.939	16.168
		Other Income	NA	0.035	0.010
		TOTAL (A)	NA	22.974	16.178
Less	EXPENSES
		Cost of material consumed		12.892	6.912
		Decrease (Increases) in Inventories		0.210	0.293
		Employee Benefit Expenses		2.130	2.274
		Other Expenses		4.053	3.435
		TOTAL (B)	NA	19.285	12.914
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3.689	3.264
Less	FINANCIAL EXPENSES (D)			1.842	2.618
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.002	1.847	0.646
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.340	2.672	3.282
	PROFIT BEFORE TAX (E-F) (G)		0.662	(0.825)	(2.636)
Less	TAX (H)		(0.510)	(0.255)	(0.157)
	PROFIT AFTER TAX (G-H) (I)		1.172	(0.570)	(2.479)
	Earnings Per Share (Rs.)		0.97	(0.47)	(2.06)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	(2.48)	(15.32)
Net Profit Margin (PBT/Sales)	(%)	0.89	(3.60)	(16.30)
Return on Total Assets (PBT/Total Assets}	(%)	2.28	(3.84)	(12.26)
Return on Investment (ROI) (PBT/Networth)		0.37	(1.30)	(2.19)
Debt Equity Ratio (Total Debt /Networth)		11.93	32.29	11.80
Current Ratio (Current Asset/Current Liability)		1.01	1.24	0.55

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 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	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

REVIEW OF PERFORMANCE:

During the year, the Company achieved a higher turnover of Rs.74.723 Millions against the previous year turnover of Rs.22.974 Millions and earned a profit of Rs.1.172 Millions as against the previous year loss of Rs.0.570 Million. The Directors are confident of further improving the performance .of the Company in the ensuing years due to favorable market conditions and the order on hand.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans from director	10.313	11.109
Total	10.313	11.109

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10160361	27/11/2013 *	18,500,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE, TAMIL NADU - 641001, INDIA	B92412402
2	10016006	20/11/2009 *	27,400,000.00	INDIAN BANK	31 VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641 001, INDIA	A76693936

* Date of charge modification

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Computer

· Office Equipment’s

· Canteen Vessels

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.62.18
UK Pound	1	Rs.102.31
Euro	1	Rs.84.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

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	2
--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		28

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.