MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	WALCO ENGINEERING LIMITED
Registered Office :	7/17, Kirti Nagar, New Delhi – 110 005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.08.1973
Com. Reg. No.:	55-6805
Capital Investment / Paid-up Capital :	Rs.1.200 millions
CIN No.: [Company Identification No.]	U74210DL1973PLC006805
TAN No.: [Tax Deduction & Collection Account No.]	DELW01105G
PAN No.: [Permanent Account No.]	AAACW0121B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Cooling Tower, Pump Panel and Easy Build House.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 44000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	7/17, Kirti Nagar, New Delhi – 110 005, India
Tel. No.:	91-11-41425174 / 25927053 / 25927054 / 25927378 / 25927706 / 41424839
Fax No.:	91-11-25927119
E-Mail :	khalsa.raman@airtelmail.in walcoengg@vsnl.net walco@airtelmail.in
Website :	http://walcoengg.com
Factory :	Located at · Faridabad

DIRECTORS

As on 30.09.2010

Name :	Mr. Gurmit Singh
Designation :	Director
Address :	D-2, Rajouri Garden, New Delhi – 110 027, India
Date of Birth/Age :	10.08.1963
Date of Appointment :	01.10.1986
DIN No.:	00372315

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1978PTC009056	M S Kold Hold Industries Private Limited	Director	01-10-86	01-10-86	-	Active	NO
2	U74899DL1977PTC008784	Ess Thermofoam Industries Private Limited	Director	01-10-86	01-10-86	-	Active	NO
3	U74899DL1966PTC004610	Jagowal Private Limited	Director	01-10-86	01-10-86	-	Active	NO
4	U74210DL1973PLC006805	Walco Engineering Limited	Director	01-10-86	01-10-86	-	Active	NO
5	U15316DL2002PTC117882	Jagowal Foods Private Limited	Managing director	03-12-02	03-12-02	-	Active	NO
6	U29197DL1978PLC187958	Trion India Limited	Director	17-11-04	17-11-04	15-05-08	Active	NO
7	L74899HR1962PLC002618	Frick India Limited	Managing director	29-01-08	26-08-06	-	Active	NO
8	U55101DL2006PTC156120	GMH Infrastructure and Resorts Private Limited	Director	01-12-06	01-12-06	-	Active	NO
9	U15114HP1995PLC015772	Snow Valley Foods Limited	Director	30-09-09	28-01-09	-	Active	NO
10	U74899DL1966PTC004611	Freezeking Industries Private Limited	Additional director	21-07-10	21-07-10	-	Active	NO
11	U01400DL2011PTC213981	TFG Agri Business Alliance Private Limited	Director	12-02-11	12-02-11	-	Active	NO

Name :	Mr. Jasmohan Singh
Designation :	Director
Address :	5, Friends Colony, New Delhi – 110 065, India
Date of Birth/Age :	07.10.1963
Date of Appointment :	01.10.1986
DIN No.:	00383412

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1978PTC009056	M S Kold Hold Industries Private Limited	Director	01-10-86	01-10-86	-	Active	NO
2	U74899DL1977PTC008784	Ess Thermofoam Industries Private Limited	Director	01-10-86	01-10-86	-	Active	NO
3	U74899DL1966PTC004610	Jagowal Private Limited	Director	01-10-86	01-10-86	-	Active	NO
4	U74899DL1966PTC004611	Freezeking Industries Private Limited	Director	01-10-86	01-10-86	-	Active	NO
5	U74210DL1973PLC006805	Walco Engineering Limited	Director	01-10-86	01-10-86	-	Active	NO
6	U51909DL1990PLC042118	Transfrig India Limited	Director	19-11-90	19-11-90	-	Active	NO
7	U15114HP1995PLC015772	Snow Valley Foods Limited	Director	14-09-00	14-09-00	-	Active	NO
8	U15316DL2002PTC117882	Jagowal Foods Private Limited	Director	03-12-02	03-12-02	-	Active	NO
9	L74899HR1962PLC002618	Frick India Limited	Managing director	21-07-09	26-08-06	-	Active	NO
10	U99999DL1961PLC003570	The Friends Club Limited	Managing director	17-09-06	17-09-06	30-09-07	Active	NO

Name :	Mr. Jagmit Singh
Designation :	Director
Address :	D-2, Rajouri Garden, New Delhi – 110 027, India
Date of Birth/Age :	15.04.1968
Date of Appointment :	24.09.1999
DIN No.:	00372479

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1980PTC011138	IRI India Private Limited	Director	10-04-87	10-04-87	Active	NO
2	U74899DL1966PTC004611	Freezeking Industries Private Limited	Managing director	01-02-11	29-11-93	Active	NO
3	U51909DL1990PLC042118	Transfrig India Limited	Director	01-12-95	01-12-95	Active	NO
4	U74899DL1978PTC009056	M S Kold Hold Industries Private Limited	Director	24-09-99	24-09-99	Active	NO
5	U74899DL1977PTC008784	ESS Thermofoam Industries Private Limited	Director	24-09-99	24-09-99	Active	NO
6	U74899DL1966PTC004610	Jagowal Private Limited	Director	24-09-99	24-09-99	Active	NO
7	U74210DL1973PLC006805	Walco Engineering Limited	Director	24-09-99	24-09-99	Active	NO
8	U15316DL2002PTC117882	Jagowal Foods Private Limited	Director	03-12-02	03-12-02	Active	NO
9	U74999DL1972NPL006176	All India Air Conditioning and Refrigeration Association	Director	20-08-05	20-08-05	Active	NO

Name :	Dr. Jang Bahadur Singh
Designation :	Director
Address :	c/o, 7/15, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	13.02.1942
Date of Appointment :	23.09.1999
DIN No.:	00583684

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899HR1962PLC002618	Frick India Limited	Director	20-07-99	20-07-99	-	Active	NO
2	U74899DL1980PTC011138	IRI India Private Limited	Director	23-09-99	23-09-99	-	Active	NO
3	U51909DL1990PLC042118	Transfrig India Limited	Director	23-09-99	23-09-99	-	Active	NO
4	U74899DL1978PTC009056	M S Kold Hold Industries Private Limited	Director	23-09-99	23-09-99	-	Active	NO
5	U74899DL1977PTC008784	Ess Thermofoam Industries Private Limited	Director	23-09-99	23-09-99	-	Active	NO
6	U74899DL1966PTC004610	Jagowal Private Limited	Director	23-09-99	23-09-99	-	Active	NO
7	U74210DL1973PLC006805	Walco Engineering Limited	Director	23-09-99	23-09-99	-	Active	NO
8	U74899DL1966PTC004611	Freezeking Industries Private Limited	Director	23-09-99	23-09-99	-	Active	NO
9	U29197DL1978PLC187958	Trion India Limited	Director	23-09-99	23-09-99	15-05-08	Active	NO
10	U15316DL2002PTC117882	Jagowal Foods Private Limited	Director	03-12-02	03-12-02	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Gurmohan Singh	1500
Jasmohan Singh	1500
Gurleen Kaur	1500
Jasleen Kaur	1500
Gurmit Singh	1500
Jagmit Singh	1500
Sonu Singh	1500
Jang Bahadur Singh	1500
Total	12000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Cooling Tower, Pump Panel and Easy Build House.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank

74, Janpath, New Delhi – 110 001, India

Facilities :

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Jang Bahadur Singh	0.136	0.613
Sonu Singh	0.092	0.092
Jasmohan Singh	(0.101)	(0.101)
Total	0.127	0.604

Banking Relations :	--
Auditors :
Name :	B B Mathur and Company Chartered Accountants
Address :	Asaf Ali Road, Delhi – 110 002, India
PAN No.:	AAAFB5685Q
Entities in which key management personnel or their relatives have significant interest (As on 31.03.2010) :	· Frick India Limited · Indian Refrigeration Industries · Freezeking Industries Private Limited · M. S. Kold Hold Industries (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000	Equity Shares	Rs.100/- each	Rs.1.200 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.200	1.200	1.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.819	8.532	7.301
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.019	9.732	8.501
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.127	0.604	1.040
TOTAL BORROWING		0.127	0.604	1.040
DEFERRED TAX LIABILITIES		0.000	0.646	0.713
TOTAL		11.146	10.982	10.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.646	4.976	3.915
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.095	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.670	5.816	4.834
	Sundry Debtors	5.273	4.167	3.189
	Cash & Bank Balances	8.531	9.653	6.984
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.808	9.277	8.563
Total Current Assets		19.282	28.913	23.570
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.998	2.898	1.866
	Other Current Liabilities		11.418	7.953
	Provisions	0.879	8.591	7.412
Total Current Liabilities		12.877	22.907	17.231
Net Current Assets		6.405	6.006	6.339
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11.146	10.982	10.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (net)	58.837	72.293	62.320
		Erection Income	4.166	5.039	3.620
		Other Income	0.325	0.467	0.351
		TOTAL (A)	63.328	77.799	66.291
Less	EXPENSES
		Raw Material Components and Stores Consumed	36.818	49.305	42.734
		Erection Expenditure	2.020	2.373	2.429
		Salary and Wages/ Remuneration	13.897	14.270	10.265
		Other Expenditure	8.218	8.491	8.476
		TOTAL (B)	60.953	74.439	63.904
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.375	3.360	2.387
Less	INTEREST PAID (D)		0.053	0.067	0.149
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.322	3.293	2.238
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.720	0.668	0.491
	PROFIT BEFORE TAX (E-F) (G)		1.602	2.625	1.747
Less	TAX (H)		0.505	0.833	0.658
	PROFIT AFTER TAX (G-H) (I)		1.097	1.792	1.089
Less	APPROPRIATIONS
		Provision for Dividend	0.240	0.480	0.240
		Provision for CDT	0.039	0.080	0.041
		Past year provision Written back	(0.469)	0.000	0.000
	BALANCE CARRIED TO THE B/S		1.287	1.232	0.808
	Earnings Per Share (Rs.)		91.43	149.29	90.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.73	2.30	1.64
Net Profit Margin (PBT/Sales)	(%)	2.72	3.63	2.80
Return on Total Assets (PBT/Total Assets}	(%)	6.68	7.75	6.36
Return on Investment (ROI) (PBT/Networth)		0.15	0.27	0.21
Debt Equity Ratio (Total Liability/Networth)		1.18	2.42	2.15
Current Ratio (Current Asset/Current Liability)		1.50	1.26	1.37

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U74210DL1973PLC006805
Name of the company	WALCO ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	7/17, Kirti Nagar, New Delhi – 110 005, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10066613
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others o Stocks
Particular of charge holder	Canara Bank 74, Janpath, New Delhi – 110 001, India
Nature of instrument creating charge	(i) Supplemental Agreement (ii)Supplemental Agreement (iii) Letter of renewal (iv) Counter Indemnity
Date of instrument Creating the charge	02.02.2009
Amount secured by the charge	Rs.1.000 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment NA Margin 25% Extent and Operation of the charge 100% Others The above is to secure BG of Rs.1.000 million granted to the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security : Hypothecation of all goods stock and Book Debts both present and future of the company. Collateral Security : Hypothecation All Plant and Machinery and Generator
Particulars of the present modification	Extent of operation of charge over all plant, machinery and Generator Set and stored at 13/2, Mathura Road Faridabad (Haryana) or at any other place wheresoever including those in transit stands enhanced from Rs.0.750 million to Rs.1.000 million for BG limit. Other term and conditions remain same.

FIXED ASSETS

· Books

· Blocks

· Cycle

· Furniture

· Fans

· Machinery

· Office Equipments

· Typewriter

· Workshop Equipments

· Generator

· Patterns

· Truck

· Computer

· Fire Extinguisher

· Car

· Tata Safari

· Air Condition

· Plot at Chanlon, PB

WEB DETAILS

Profile

Subject was incorporated in 1973-74 as a public limited company and has since emerged as a specialist providing single source solutions to food facilities and post harvest infrastructure development from Conceptualization to Design, Engineering and Construction. The company is managed by professionals and engineers who represent the top minds in the refrigeration and food processing industry in India.

The company has vast experience in designing and manufacturing cooling systems for cost effective ways to cool and preserve perishable produce and reduce post harvest losses of fresh fruit and vegetables in areas that lack infrastructure or are located at the worst end-of-the-road locations imaginable.

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 records 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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
TOTAL		45

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.