MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	UNITECH FABRICATORS AND ENGINEERS PRIVATE LIMITED
Registered Office :	24 M B Road, Kalabagan Birati Airport, Kolkata – 700051, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.1998
Com. Reg. No.:	21-087901
Capital Investment / Paid-up Capital :	Rs.38.615 Millions
CIN No.: [Company Identification No.]	U27109WB1998PTC087901
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cable Trays, Earthing Materials, Fabricators and Galvanisers.
No. of Employees :	Information denied by 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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low reserves of the company. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Risk prone credit quality and very high credit risk
Date	23.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	23.07.2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-33-25146313)

LOCATIONS

Registered Office :	24 M B Road, Kalabagan Birati Airport, Kolkata – 700051, West Bengal, India
Tel. No.:	91-33-25146313 / 6529479 / 23951841
Fax No.:	91-33-25146313
E-Mail :	ufepl@rediffmail.com
Factory 1 :	NH - 6, Bombay Road, Kona-Chamrail, M. C. Industries Compound (Opposite W. B. S. E. Kona Sub-Stn.) Howiah – 711114, West Bengal, India
Factory 2 :	Village Ajab Nagar. P.O. Molla Simlla, P.S. Singur, Hooghly - 712223, Kolkata, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Kamal Kumar Bhattacharjee

Designation :

Director

Address :

37/4A, Northern Avenue, Nilkunj, Flat-205, Kolkata - 700030, West Bengal, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

10.09.1998

DIN No.:

00963510

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	U27109WB1998PTC087901	UNITECH FABRICATORS & ENGINEERS PRIVATE LIMITED	Director	10/09/1998	10/09/1998	-	Active	NO
2	U85110WB1999PTC089714	CHARNOCK HOSPITALS PRIVATE LIMITED	Director	23/05/2006	23/05/2006	25/08/2007	Active	NO
3	U51909WB2002PTC094473	JEEVA NURSING HOME PRIVATE LIMITED	Director	07/02/2012	23/06/2008	-	Active	NO
4	U85110WB2008PTC126348	RENAISSANCE HOSPITAL PRIVATE LIMITED	Director	07/02/2012	01/08/2008	-	Active	NO

Name :

Shibani Bhattacharjee

Designation :

Director

Address :

37/4A, Northern Avenue, Nilkunj, Flat-205, Kolkata - 700030, West Bengal, India

Date of Birth/Age :

13.12.1965

Date of Appointment :

23.01.2005

DIN No.:

02061576

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Kamal Kumar Bhattacharjee	2753400	71.30
Shibani Bhattacharjee	1108100	28.70
Total	3861500	100.00

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 Cable Trays, Earthing Materials, Fabricators and Galvanisers.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Specialised Chowringhee SME Branch, 2nd Floor, 1, Middleton Street, Jeevandeep Building, Kolkata - 700071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand	80.088	44.323
Total	80.088	44.323

Banking Relations :	--
Auditors :
Name :	Himadri Pradhan and Company Chartered Accountants
Address :	Village P.O Ghoshpur (Itkhola), Via-Maslandapur, North Twenty Four PGS, West Bengal, India
Tel. No.:	91-3216-246588
PAN No.:	AAEFH9415J

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3861500	Equity Shares	Rs.10/- each	Rs.38.615 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	38.615	25.815	16.690
(b) Reserves & Surplus	28.618	12.608	9.640
(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)	67.233	38.423	26.330
(3) Non-Current Liabilities
(a) long-term borrowings	5.314	13.715	25.690
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.807	11.248	5.561
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	9.121	24.963	31.251
(4) Current Liabilities
(a) Short term borrowings	80.088	44.323	0.000
(b) Trade payables	65.058	42.787	66.397
(c) Other current liabilities	2.474	1.625	1.200
(d) Short-term provisions	4.930	2.588	1.261
Total Current Liabilities (4)	152.550	91.323	68.858
TOTAL	228.904	154.709	126.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.190	10.853	8.389
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.490	7.899	1.512
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.367	9.154	4.498
(e) Other Non-current assets	0.000	0.167	0.482
Total Non-Current Assets	42.047	28.073	14.881
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.061	29.619	19.255
(c) Trade receivables	126.187	89.384	87.681
(d) Cash and cash equivalents	0.197	0.091	0.730
(e) Short-term loans and advances	8.532	5.665	3.052
(f) Other current assets	3.880	1.877	0.840
Total Current Assets	186.857	126.636	111.558
TOTAL	228.904	154.709	126.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	356.187	267.462	222.918
		Other Income	15.472	1.002	2.342
		TOTAL	371.659	268.464	225.260
Less	EXPENSES		261.327	263.185	220.158
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.332	5.279	5.645
Less	DEPRECIATION/ AMORTISATION		2.755	0.983	0.543
	PROFIT/(LOSS) BEFORE TAX		7.577	4.296	5.102
Less	TAX		2.341	1.327	1.094
	PROFIT/(LOSS) AFTER TAX		5.236	2.969	4.008
	Earnings / (Loss) Per Share (Rs.)		1.36	1.15	2.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.41	1.11	1.78
Net Profit Margin (PBT/Sales)	(%)	2.13	1.61	2.29
Return on Total Assets (PBT/Total Assets}	(%)	3.32	2.93	4.08
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.19
Debt Equity Ratio (Total Debt /Networth)		1.27	1.51	0.98
Current Ratio (Current Asset/Current Liability)		1.22	1.39	1.62

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	16.690	25.815	38.615
Reserves & Surplus	9.640	12.608	28.618
Net worth	26.330	38.423	67.233
long-term borrowings	25.690	13.715	5.314
Short term borrowings	0.000	44.323	80.088
Total borrowings	25.690	58.038	85.402
Debt/Equity ratio	0.976	1.511	1.270

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	222.918	267.462	356.187
		19.982	33.173

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	222.918	267.462	356.187
Profit	4.008	2.969	5.236
	1.80%	1.11%	1.47%

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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
From Directors	5.314	13.715
Total	5.314	13.715

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10263754	06/01/2014 *	110,000,000.00	State Bank of India	Specialised Chowringhee SME Branch, 2nd Floor, 1, Middleton Street, Jeevandeep Building, Kolkata, West Bengal - 700071, India	B94454857
2	90345668	05/01/2014 *	110,000,000.00	State Bank of India	Specialised Chowringhee SME Branch, 2nd Floor, 1, Middleton Street, Jeevandeep Building, Kolkata, West Bengal - 700071, India	B94453206

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.