MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	UNIPRODUCTS (INDIA) LIMITED
Registered Office :	Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangvari, Rewari – 123 401, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.1982
Com. Reg. No.:	05-014785
Capital Investment / Paid-up Capital :	Rs.124.697 Millions
CIN No.: [Company Identification No.]	U45201HR1982PLC014785
PAN No.: [Permanent Account No.]	AAACU0224D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automotive Components and Non-Woven Fabric.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. The company possesses an acceptable financial profile marked by moderate profitability and increasing gearing along with marginal debt coverage indications. Management has reported an increase in its sales volume during 2013. Further the ratings also take into consideration the infusion of funds by its promoters to support the capital structure as well as to meet its working capital requirements. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong market position in the industry, the subject can be considered for business dealings at usual 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan (BBB-)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	June 2013

Rating Agency Name	ICRA
Rating	Letter of credit (A3)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	June 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

Name :	Mr. Ajay Rastogi
Designation :	Manager
Contact No.:	91-120-2585590
Date :	15.05.2014

LOCATIONS

Registered Office/ Factory :	Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangwari, Rewari – 123 401, Haryana, India
Tel. No.:	91-1274-249348/ 49/ 50
Fax No.:	91-1274-249347
E-Mail :	uniproductsrewari@unitexindia.com preeti@unitexindia.com upilrevari@rediffmail.com
Website :	http://www.unitexindia.com
Corporate Office :	C 15, Sector 57, Noida – 201 307, Uttar Pradesh, India
Tel. No.:	91-120-2585590/ 91/ 2587176/ 77/ 2585097
Fax No.:	91-120-2585031
E-Mail :	tkkhatri@unitexindia.com
Bangalore Plant :	Survey No. 25/3, Thgachuguppe, Opposite Vivekananda Institute of Technology, Kengeri Hobli, Bangalore – 560 074, Karnataka, India
Chennai Plant :	Plot No. B-36 , SIPCOT Industrial Growth Centre, Oragadam, Sriperumbudur Taluk, District Kanchipuram, Vaippur-B Village, Tamilnadu, India
Branch Offices (Lifestyle Products) :	Located at: · Chennai · Bangalore · Mumbai · Pune · Chandigarh

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ashwan Kapur

Designation :

Managing director

Address :

15 Ring Road, Lajpat Nagar - IV, New Delhi – 110024, India

Date of Birth/Age :

04.08.1955

Qualification :

Ph. D (University of Leeds)

Experience :

28 years

Date of Appointment :

02.12.1982

PAN No.:

AAKPK8124H

DIN No.:

00568432

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	Company/ LLP Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Managing director	01/08/2012	02/12/1982	Active	NO
2	U74899DL1990PTC039170	METORE MINING PRIVATE LIMITED	Director	09/02/1990	09/02/1990	Active	NO
3	U51396DL1994PTC059081	UNICEL IMPEX PRIVATE LIMITED	Director	17/05/1994	17/05/1994	Active	NO
4	U45201DL2001PTC111859	SAMARTH REALTERS PRIVATE LIMITED	Director	24/11/2001	24/11/2001	Strike off	NO
5	U25206DL2005PTC143671	JUKEN UNIPRODUCTS PRIVATE LIMITED	Director	20/09/2010	14/12/2005	Active	NO
6	U55101DL2007PTC170719	DARRAMEKS HOTELS & DEVELOPERS PRIVATE LIMITED	Director	26/11/2007	26/11/2007	Active	NO

Name :

Mr. Ravinder Mehra

Designation :

Chairman

Address :

36, Senneville Road, Senneville, H9X1B6, Canada

Date of Birth/Age :

04.08.1941

Qualification :

B.A. (Hons.)

Date of Appointment :

24.02.1983

DIN No.:

00687921

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	Company/ LLP Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	24/02/1983	24/02/1983	Active	NO
2	U55101DL2007PTC170719	DARRAMEKS HOTELS & DEVELOPERS PRIVATE LIMITED	Director	30/09/2010	18/02/2010	Active	NO

Name :

Mr. Bhaskar Dutta

Designation :

Director

Address :

84, Banarasi Dass Estate, Lucknow Road, Timarpur, Delhi – 110054, India

Date of Birth/Age :

10.03.1935

Qualification :

Ph. D (University of Leeds)

Experience :

51 years

Date of Appointment :

07.12.1988

DIN No.:

00715001

Name :

Mr. Surrinder Lal Kapur

Designation :

Director

Address :

161, A/! Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

07.03.1937

Qualification :

M.A., L.L. B., I.A.S.[Retired]

Date of Appointment :

27.12.2000

DIN No.:

00033312

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	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	27/12/2000	27/12/2000	-	Active	NO
2	U74110DL2001PTC111284	GRANT THORNTON ADVISORY PRIVATE LIMITED	Director	23/08/2002	23/08/2002	28/03/2007	Active	NO
3	U74999DL2002PLC117052	ALCHEMIST ASSET RECONSTRUCTION COMPANY LIMITED	Director	31/12/2003	31/12/2003	-	Active	NO
4	U74999DL2004PTC128172	ISHARA FOUNDATION FOR FINANCE AND RURAL DEVELOPMENT	Director	09/08/2004	09/08/2004	31/10/2012	Active	NO
5	L65190MH2003PLC143249	YES BANK LIMITED	Nominee director	27/04/2010	27/01/2005	27/01/2013	Active	NO
6	U74999DL1977PTC008682	ANIKA INTERNATIONAL Private LIMITED	Director	01/02/2005	01/02/2005	01/01/2009	Active	NO
7	U18101DL2003PLC123708	SARA TEXTILES LIMITED	Director	30/08/2005	30/08/2005	27/03/2010	Active	NO
8	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
9	L45201DL1983PLC016821	ANSAL HOUSING AND CONSTRUCTION LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
10	U92199DL1999PTC102156	AERENS ENTERTAINMENT ZONE Private LIMITED	Director	27/09/2007	22/05/2007	13/05/2008	Active	NO
11	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	30/09/2009	26/09/2008	-	Active	NO

Name :

Mr. Avinash Parkash Gandhi

Designation :

Director

Address :

C-2/14, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

01.10.1938

Qualification :

B.E. [Mechanical]

Date of Appointment :

30.10.2003

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	05/10/2012	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	12/05/2005	12/05/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	06/10/2005	06/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	01/09/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	05/10/2012	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	03/05/2008	-	Active	NO
15	U34102AP1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	10/11/2012	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	15/03/2013	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	06/03/2010	06/03/2010	-	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	05/08/2011	09/04/2011	-	Active	NO

Name :

Mr. Prithvi Raj Khanna

Designation :

Director

Address :

House No. 70, Sunder Nagar, New Delhi -110003, India

Date of Birth/Age :

02.07.1933

Qualification :

B.Com., F.C.A.

Date of Appointment :

21.11.2005

DIN No.:

00048800

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	L74899DL1978PLC009038	INDAG RUBBER LIMITED	Director	20/01/2000	20/01/2000	-	Active	NO
2	L45101DL1967PLC004759	ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED	Director	30/08/2003	30/08/2003	-	Active	NO
3	L74899DL1989PLC035140	DCM SHRIRAM INDUSTRIES LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
4	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	21/11/2005	21/11/2005	-	Active	NO
5	U65991MH2002GOI137867	UTI ASSET MANAGEMENT COMPANY LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
6	U64201DL1984PLC019062	CONTROLS AND SWITCHGEAR CONTACTORS LIMITED	Director	17/02/2006	17/02/2006	30/07/2007	Active	NO
7	U74999MH2006NPL163665	NABHA DEVELOPMENT INITIATIVE	Director	08/08/2006	08/08/2006	10/08/2006	Active	NO
8	U34200DL2008PTC172214	CARNATION AUTO INDIA Private LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
9	U74999DL1979PTC009494	SELECT INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2009	08/05/2009	-	Active	NO
10	U31909DL1971PLC005672	C&S ELECTRIC LIMITED	Director	18/12/2009	09/07/2009	-	Active	NO
11	U25203DL2006PLC153993	CONTINENTAL INDIA LIMITED	Director	29/09/2009	20/08/2009	14/03/2011	Active	NO
12	U65900MH2011PTC217430	UTI CAPITAL PRIVATE LIMITED	Director	08/06/2012	25/08/2011	-	Active	NO

Name :

Mr. Arun Kumar Seth

Designation :

Director

Address :

30A, Friends Colony West, New Delhi – 110065, India

Date of Birth/Age :

15.01.1942

Qualification :

M.B.A (University of Leeds)

Experience :

48 years

Date of Appointment :

05.09.2009

DIN No.:

00794656

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	Company/ LLP Status	Defaulting status
1	U25206DL2005PTC143671	JUKEN UNIPRODUCTS PRIVATE LIMITED	Director	14/12/2005	14/12/2005	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	05/09/2009	17/11/2008	Active	NO

Name :

Mr. Arun Mehta

Designation :

Director

Address :

Beaconsfield, H9W4H7, 23/136, Lodhi Colony, New Delhi – 110 003, India

Date of Birth/Age :

03.09.1974

Date of Appointment :

26.07.2013

DIN No.:

06507579

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	Company/ LLP Status	Defaulting status
1	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	26/07/2013	28/02/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Preeti Gandhi
Designation :	Secretary
Address :	23/136, Lodhi Colony, New Delhi – 110003, India
Date of Birth/Age :	20.04.1982
Date of Appointment :	24.07.2008
PAN No.:	AKVPG9563F

MAJOR SHAREHOLDERS

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	81.76
Bodies corporate	3.11
Directors or relatives of Directors	9.65
Other top fifty shareholders	3.19
Others	2.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Components and Non-Woven Fabric.

Products :

ITC Code	Product Descriptions
57050019	Floor Coverings
87089900	NVH Products
56039100	Non woven light weights

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Gurgaon Gramin Bank, 565, Railway Road, “Shiv Plaza”, Sector-4 and 7 Crossing, Gurgaon – 122 001, Haryana, India

· State Bank of Hyderabad, Commercial Branch, 74, Janpath, New Delhi – 110 001, India

· State bank of Patiala, Commercial branch, Chandralok, Building No.36, Janpath, New Delhi – 110 001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from others	548.547	357.559
Short Term Borrowings
Working Capital Loans from banks	64.989	170.006
Total	613.536	527.565

NOTE:

Long Term Borrowings

Term loans are secured by way of mortgage by deposit of respective title deeds in respect of all the Company's immovable properties, both present and future, on a pari-passu basis.

Short Term Borrowings

Secured by hypothecation of inventories and book debts, both present and future, and by way of mortgage of all movable properties on pari-passu basis. It carries interest @ 13%.

Banking Relations :	--
Auditors :
Name :	S. N. Dhawan and Company Chartered Accountants
Address :	C 37, Connaught Place, New Delhi – 110001, India
Income-tax PAN of auditor or auditor's firm :	AAQFS0580H
Associate :	· Unicel Impex Private Limited [U51396DL1994PTC059081] · Universal Paper Export Company Limited
Holding company	Uniproucts (Mauritius) Limited
Joint venture :	Juken Uniproducts Private Limited [U25206DL2005PTC143671]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· A.K. Family Trust · Darrameks Hotels and Developers Private Limited [U55101DL2007PTC170719] · Ex-hinudities Trust · Metore Mining Private Limited [U74899DL1990PTC039170]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15234881	Equity Shares	Rs. 10/- each	Rs.152.349 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12469663	Equity Shares	Rs. 10/- each	Rs.124.697 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	124.697	96.932	87.432
(b) Reserves & Surplus	509.858	420.369	443.741
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	634.555	517.301	531.173
(3) Non-Current Liabilities
(a) long-term borrowings	702.547	505.059	276.487
(b) Deferred tax liabilities (Net)	77.343	72.910	99.171
(c) Other long term liabilities	3.278	3.328	3.608
(d) long-term provisions	4.757	6.429	18.865
Total Non-current Liabilities (3)	787.925	587.726	398.131
(4) Current Liabilities
(a) Short term borrowings	64.989	257.306	334.411
(b) Trade payables	350.154	258.435	226.323
(c) Other current liabilities	189.115	202.825	171.356
(d) Short-term provisions	14.189	10.335	9.390
Total Current Liabilities (4)	618.447	728.901	741.480
TOTAL	2040.927	1833.928	1670.784
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1302.422	1202.423	1051.463
(ii) Intangible Assets	0.883	1.857	2.832
(iii) Capital work-in-progress	5.234	15.224	41.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.340	11.340	11.340
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.027	45.918	49.486
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1359.906	1276.762	1156.321
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	309.410	276.325	250.549
(c) Trade receivables	294.382	222.836	218.610
(d) Cash and cash equivalents	34.621	12.387	5.644
(e) Short-term loans and advances	42.180	45.303	39.396
(f) Other current assets	0.428	0.315	0.264
Total Current Assets	681.021	557.166	514.463
TOTAL	2040.927	1833.927	1670.784

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1874.670	1526.279	1763.169
		Other Income		11.351	11.325	7.135
		TOTAL (A)		1886.021	1537.604	1770.304
Less	EXPENSES
		Cost of Materials Consumed		907.349	792.852	953.771
		Purchase of Stock-in-trade		196.634	162.590	106.754
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(29.491)	(47.315)	(27.724)
		Employee Benefits Expenses		225.460	202.036	209.901
		Other Expenses		347.994	314.955	338.793
		TOTAL (B)		1647.946	1425.118	1581.495
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			238.075	112.486	188.809
Less	FINANCIAL EXPENSES (D)			125.105	97.688	69.549
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			112.970	14.798	119.260
Less	DEPRECIATION/ AMORTISATION (F)			100.310	90.935	87.833
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			12.660	(76.137)	31.427
Less	TAX (H)			4.433	26.261	8.127
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			8.227	(49.876)	23.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			63.759	113.635	99.276
Less	APPROPRIATIONS
			General Reserve	0.000	0.000	0.786
			Proposed Dividend	0.000	0.000	6.994
			Corporate Dividend Tax	0.000	0.000	1.161
	BALANCE CARRIED TO THE B/S			71.986	63.759	113.635
	EARNINGS IN FOREIGN CURRENCY
			Other Earnings	1.738	2.058	0.889
	TOTAL EARNINGS			1.738	2.058	0.889
	IMPORTS
			Raw Materials	38.102	55.709	84.727
			Stores & Spares	9.407	10.844	82.206
			Capital Goods	8.520	86.401	24.139
	TOTAL IMPORTS			56.029	152.954	191.072
	Earnings Per Share (Rs.)			0.71	(5.45)	2.66

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.44	(3.24)	13.32
Net Profit Margin (PBT/Sales)	(%)	0.68	(4.99)	1.78
Return on Total Assets (PBT/Total Assets}	(%)	0.64	(4.32)	2.00
Return on Investment (ROI) (PBT/Networth)		0.02	(0.15)	0.06
Debt Equity Ratio (Total Debt /Networth)		1.21	1.47	1.15
Current Ratio (Current Asset/Current Liability)		1.10	0.76	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	87.432	96.932	124.697
Reserves & Surplus	443.741	420.369	509.858
Net worth	531.173	517.301	634.555
long-term borrowings	276.487	505.059	702.547
Short term borrowings	334.411	257.306	64.989
Total borrowings	610.898	762.365	767.536
Debt/Equity ratio	1.150	1.474	1.210

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,763.169	1,526.279	1,874.670
		(13.435)	22.826

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,763.169	1,526.279	1,874.670
Profit	23.300	(49.876)	8.227
	1.32%	(3.27%)	0.44%

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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from Others	154.000	147.500
Short Term Borrowings
Others Loans and Advances	0.000	87.300
Total	154.000	234.800

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10392784	24/01/2013 *	100,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI - 110001, INDIA	B68982909
2	10386459	26/10/2012 *	40,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B62263892
3	10386462	26/10/2012 *	150,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B62264155
4	10334803	23/12/2011 *	100,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B31868391
5	10306127	29/08/2011 *	100,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B20783585
6	10306126	29/08/2011 *	112,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B20782918
7	10282828	29/03/2011	413,000,000.00	STATE BANK OF PATIALA (LEAD BANK)	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B11574126
8	10282817	29/03/2011	580,000,000.00	STATE BANK OF PATIALA (LEAD BANK)	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	B11573086
9	10248902	28/10/2010	60,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	A97972822
10	10226745	26/05/2010	30,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA	A88426598

* Date of charge modification

OPERATIONS:

Subject has recorded a growth in sales in the financial year 2012-13. Overall sales increased by 24% over the previous year despite the slowdown in the Indian economy.

The pre-tax profit achieved by subject during 2012-13 is Rs.12.660 Millions as compared to the pre-tax loss of Rs.76.137 Millions recorded during 2011-12. The profit after tax is Rs.8.227 Millions as compared with the loss after tax of Rs.49.876 Millions recorded during 2011-12. Although the automotive sector remains in the grip of a slowdown, subject has been able to achieve a turnaround from the adverse results of FY 2011-12 and report a moderate profit in FY 2012-13.

Subject is continuing to take steps to reduce costs and improve efficiencies, tap new business opportunities, diversify its product portfolio, enhance value addition to its customer base and maximize capacity utilization with least cost to improve profitability. With these efforts subject hopes to generate higher revenues and profitability.

Subject has also invested in new technology and assets for product diversification and to make available adequate manufacturing capacities for the growth that it expects in the forthcoming years.

Subject has reversed the set back of the financial year 2011-12 through strenuous efforts in achieving ‘customer delight’ through manufacture of world class products at competitive prices. Subject intends to strengthen its resolve to follow the paradigm of "Customer is King", and to achieve this end, subject has continued its efforts in implementing Total Productivity Management (TPM) techniques in production. It aims to

pursue lean manufacturing diligently for improving efficiencies, productivity & yield. Product diversification and new product development have been identified as thrust areas and several green, recyclable and lighter products have been launched over the years which now contribute steadily to subject’s turnover and profits. We continue to lay emphasis on safety, health, quality systems at all our plants and other cost reductions through VA/VE. Institution of energy audits and implementation of the recommendations to optimise energy consumption, as well as strict control over overhead costs is also given due importance.

FUTURE PROSPECTS:

Although the automotive sector may continue to witness sluggish growth during 2013-14, the long term outlook continues to be bullish with the cars to be manufactured in India estimated to be around 5 million by the year 2015-16 and over 7.5 million by the year 2020-21. India has become a hub for small cars, as well as for outsourcing of auto components as almost all major global car manufacturers have set up manufacturing facilities in India. Subject is well established to participate in this growth story through its existing wide range of products which it supplies to most car manufacturers in India. Subject anticipates cost pressures, but plans to maintain its margins through improved productivity, cost reductions, VA/VE measures and focus on high value added products. Further subject intends to increase sales of its lifestyle division during 2013-14 by adding new products and new and improved varieties to its existing product portfolio.

ACHIEVEMENT OF TPM EXCELLENCE CATEGORY “A” AWARD:

Subject has won the coveted award for TPM Excellence, Category "A", which was presented to Dr. Ashwan Kapur, Managing Director, at the 2012 TPM awards ceremony held on March 27th, 2013 at Kyoto, Japan. This award marks the culmination of the first phase of our journey towards excellence where the focus was on achieving Operational Excellence. When the team commenced this journey in 2008, the prevailing conditions were challenging, with customers demanding higher quality products at lower cost. Internally, the conditions were not operator friendly and losses like breakdown, rejection, tool changeover, minor stoppages & start-up time were high. The team chose TPM to address both internal and external challenges. The journey of Operational Excellence not only improved business results but also improved the motivation level of employees.

Subject views TPM as an enabler in attaining its target of "Becoming the best manufacturing company in all aspects". The next challenge for subject is to move from Operational Excellence to Organizational Excellence. For achieving this, the team will have to aim for complete supply chain integration and optimization, energy management, safe work place creation, zero process problem (through advanced process and equipment stability) and enhancement of skill sets of our associates and staff. Our various OEM customers too have recognized the strides made by subject in TPM practices by bestowing on us awards for Manufacturing Excellence, performance on Quality, Cost Down through VA/VE and Delivery.

Receiving the TPM excellence award is indeed the first step in subject’s journey towards attaining world class manufacturing status. This recognition by JIPM would not have been possible without the dedication and untiring efforts of all our associates and staff members to whom the Directors offer their sincere thanks.

JOINT VENTURE WITH JUKEN TECHNOLOGY LIMITED, SINGAPORE:

Subject had incorporated a joint venture company namely "Juken Uniproducts Private Limited" under the shareholder's agreement entered into with Juken Technology Limited, a Singapore based company in the year 2005-06. This Company commenced commercial production on July 31, 2006. During the financial year ended March 31, 2013, it has achieved gross sales of Rs. 1615.49 lakhs and profit before tax of Rs.15.369 Millions on the basis of unaudited results. Subject’s products have been well received by the customers in the Indian and overseas markets, and your Directors are confident that this joint venture will achieve higher sales and profits in the coming financial years.

The Juken Group was acquired by the Frencken group of Singapore during the FY 2012-13. Subsequent to the acquisition, Juken Uniproducts Private Limited continues to remain a subsidiary of Juken Technology Limited, which it has been since its incorporation. Mr. David Wong continues to remain the Chairman of Juken Uniproducts Private Limited and now also heads the Plastics Division of Frencken Group Limited The high precision moulded plastics business in India will continue to be routed through Juken Uniproducts Private Limited, but for other businesses of the Frencken group, any Indian operations may be commenced independently.

FIXED ASSETS:

· Land Freehold

· Leasehold

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Computer

· Software

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 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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.