MIRA INFORM REPORT

Report No. :	350119
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	UNIQUE FORGINGS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 601, G I D C Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar, District Anand - 388121, Gujarat
Tel. No.:	91-2692-235220/ 233517
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.2007
Com. Reg. No.:	04-050410
Capital Investment / Paid-up Capital :	Rs. 47.500 Million
CIN No.: [Company Identification No.]	U29190GJ2007PTC050410
IEC No.:	3499000890
TAN No.: [Tax Deduction & Collection Account No.]	BRDU00529E
PAN No.: [Permanent Account No.]	AAACU8895Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Forgings and Machined Components.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007 having satisfactory track record. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but documents related to financial for the year ending 2015 is not available from any source. As per the financial of the year 2014, the company has achieved decent sales turnover marked by satisfactory profitability margin. Operational performance has improved as compared to previous year. The company possesses sound networth base but has reported low cash accruals. Trade relations are fair. Business is active. Payments are slow but correct. The company 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 2015

Rating Agency Name	ICRA
Rating	Stand by line of credit = A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	May 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Jayendra Patel
Designation :	Accountant
Contact No.:	91-2692-233517
Date :	19.11.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 601, G I D C Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar, District Anand - 388121, Gujarat, India
Tel. No.:	91-2692-235220/ 233517
Mobile No.:	91-9825046551 [Mr. Gunvant N. Sherasiya]
Fax No.:	91-2692-236343/ 233516
E-Mail :	info@uniqueforgings.in
Website :	http://www.uniqueforgings.in
Location :	Owned
Locality :	Commercial
Factory 2 :	2006/1, Phase IV, GIDC Industrial Estate, Near Karamsad Railway Station, Vithal Udyognagar - 388121, Gujarat, India
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 22.09.2014

Name :	Mr. Vrajlal Nanjibhai Sherasiya
Designation :	Director
Address :	PARAM, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	25.03.1961
Date of Appointment :	30.03.2007
DIN No.:	00401456
Name :	Mr. Haresh Dudabhai Sharkhedi
Designation :	Director
Address :	AVADH, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	07.04.1960
Date of Appointment :	30.03.2007
DIN No.:	00560872
Name :	Mr. Gunvantbhai Nanjibhai Sherasiya
Designation :	Director
Address :	MAAN, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	01.06.1970
Date of Appointment :	30.03.2007
DIN No.:	00560870
Name :	Mr. Pravin Nanjibhai Sherasiya
Designation :	Director
Address :	ANAND, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	28.02.1966
Date of Appointment :	03.04.2007
DIN No.:	01472437
Name :	Mrs. Bharti Vrajlal Sherasiya
Designation :	Director
Address :	ANAND, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	03.04.2007
DIN No.:	01767808
Name :	Mrs. Rasila Haresh Sarkhedi
Designation :	Director
Address :	AVADH, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	10.05.1963
Date of Appointment :	03.04.2007
DIN No.:	01139373
Name :	Mrs. Meena Gunvantbhai Sherasiya
Designation :	Director
Address :	MAAN, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	16.06.1967
Date of Appointment :	03.04.2007
DIN No.:	02030142
Name :	Mrs. Bhavnaben Pravinbhai Sherasiya
Designation :	Director
Address :	ANAND, UCO Park, Near Old Water Tank, V.V. Nagar, Anand – 388120, Gujarat, India
Date of Birth/Age :	27.10.1970
Date of Appointment :	03.04.2007
DIN No.:	02030160

KEY EXECUTIVES

Name :	Mr. Jayendra Patel
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Haresh Dudabhai Sharkhedi	855000
Gunvantbhai Nanjibhai Sherasiya	855000
Pravin Nanjibhai Sherasiya	855000
Bharti Vrajlal Sherasiya	855000
Vrajlal Nanjibhai Sherasiya	332500
Rasila Haresh Sarkhedi	332500
Bhavnaben Pravinbhai Sherasiya	332500
Meena Gunvantbhai Sherasiya	332500
Total	4750000

AS ON 22.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Forgings and Machined Components.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Machined Components.
Countries :	Netherland
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Forgings	Tons	NA	14400	--

GENERAL INFORMATION

Suppliers :

Reference:	RMG Alloys Steel Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Gajara Gears Private Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Sp. Com. Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand - 388001, Gujarat, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

Vallabh Vidya Nagar, Anand – 388120, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans
From Banks State Bank of India, Anand Term Loans e.g. Building and Machinery A/c 31588661245	15.070	27.278
HDFC Bank eg. Motor car A/c 16993546	0.182	0.699
SBI Bank eg. Motor car A/c 31183916080	0.000	0.019
SBI Bank eg. Motor car A/c 3255035451	1.420	1.767
Kotak Mahindra Prime Limited	3.820	0.000
SHORT TERM BORROWINGS
Working capital loans from Banks
State Bank of India, Anand C/C eg. Stock A/c 30157104407	59.981	65.398
Total	80.473	95.161

Banking Relations :	--
Auditors :
Name :	P.D. Parikh and Company Chartered Accountants
Address :	Opposite UCO Park, Vallabh Vidyanagar, Anand – 388120, Gujarat, India
Tel. No.:	91-2692-231030
Fax No.:	91-2692-239732
E-Mail :	pdparikh1942@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	ADOPP8540K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Unique Industries · AEP Company · AEP Industries Private Limited · Shradha Forge Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,750,000	Equity Shares	Rs. 10/- each	Rs. 47.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	47.500	47.500	47.500
(b) Reserves & Surplus	150.786	117.700	85.974
(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)	198.286	165.200	133.474
(3) Non-Current Liabilities
(a) Long-term borrowings	93.248	101.600	112.176
(b) Deferred tax liabilities (Net)	12.129	9.864	7.283
(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)	105.377	111.464	119.459
(4) Current Liabilities
(a) Short term borrowings	59.981	65.398	44.627
(b) Trade payables	104.549	114.190	99.133
(c) Other current liabilities	4.719	1.185	0.610
(d) Short-term provisions	3.896	3.852	2.867
Total Current Liabilities (4)	173.145	184.625	147.237
TOTAL	476.808	461.289	400.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	194.529	190.371	187.291
(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	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.014
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	194.532	190.374	187.308
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	67.555	57.943	42.205
(c) Trade receivables	208.130	205.604	165.747
(d) Cash and cash equivalents	0.124	1.283	0.348
(e) Short-term loans and advances	5.321	4.892	3.466
(f) Other current assets	1.146	1.193	1.096
Total Current Assets	282.276	270.915	212.862
TOTAL	476.808	461.289	400.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	705.535	633.527	549.901
Less	EXPENSES
		TOTAL (B)	624.639	556.923	481.862
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.896	76.604	68.039
Less	FINANCIAL EXPENSES (D)		23.182	21.424	19.589
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		57.714	55.180	48.450
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.363	8.023	6.455
	PROFIT BEFORE TAX (E-F) (G)		49.351	47.157	41.995
Less	TAX (H)		16.265	15.431	13.785
	PROFIT AFTER TAX (G-H) (I)		33.086	31.726	28.210
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.959	5.316	7.121
	Earnings Per Share (Rs.)		6.97	6.68	5.94

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	720.000

Expected Sales (2015-2016): Rs.850.000 Million

The above information has been parted by Mr. Jayendra Patel (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.35	10.22	10.49
Return on Investment (ROI) (PBT/Networth)		0.25	0.29	0.31
Debt Equity Ratio (Total Liability/Networth)		0.77	1.01	1.17
Current Ratio (Current Asset/Current Liability)		1.63	1.47	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	47.500	47.500	47.500
Reserves & Surplus	85.974	117.700	150.786
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	133.474	165.200	198.286
Long-term borrowings	112.176	101.600	93.248
Short term borrowings	44.627	65.398	59.981
Total borrowings	156.803	166.998	153.229
Debt/Equity ratio	1.175	1.011	0.773

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	549.901	633.527	705.535
		15.207	11.366

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	549.901	633.527	705.535
Profit	28.210	31.726	33.086
	5.13%	5.01%	4.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10072448	30/10/2014 *	99,500,000.00	STATE BANK OF INDIA	SP. COM. BRANCH, JAY LAXMI PLAZA, GANESH CROSSING, ANAND, GUJARAT - 388001, INDIA	C36509479
2	10067931	30/03/2007	41,807,000.00	STATE BANK OF INDIA	SPL. COMM. BRANCH, JAY LAXMI PLAZA, NR. GANESH CROSSING, ANAND, GUJARAT - 388001, INDIA	A13621628
3	10045739	07/05/2012 *	113,700,000.00	STATE BANK OF INDIA	SP. COM. BRANCH, JAY LAXMI PLAZA, GANESH CROSSING, ANAND, GUJARAT - 388001, INDIA	B40421976

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans repayable on demand
From Directors	69.525	69.925
From Relatives	3.231	1.912
Total	72.756	71.837

FIXED ASSETS:

· Building

· Vehicles

· Furniture and Fixture

· Land

· Plant and Machinery

· Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.