MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	WALSON WOODBURN WIRE DIE PRIVATE LIMITED
Registered Office :	4 Mulji Mistry Building, 64-Btejpal Road, Opposite Parle Gluco Factory, Vile Parle (East), Mumbai – 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.07.1997
Com. Reg. No.:	11-109238
Capital Investment / Paid-up Capital :	Rs.6.750 millions
CIN No.: [Company Identification No.]	U31300MH1997PTC109238
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wire Drawing Die.
No. of Employees :	200 (Approximately)

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 250000
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.

INFORMATION PARTED BY

Name :	Mr. Bala
Designation :	Export Manager
Contact No.:	91-9898328099
Date :	20.10.2011

LOCATIONS

Registered Office :	4 Mulji Mistry Building, 64-B, Tejpal Road, Opposite Parle Gluco Factory, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-261-2481793 / 2480446 / 2481828
Mobile No.:	91-9898328099 (Mr. Bala)
Fax No.:	91-261-2481719
E-Mail :	escort@walsonwoodburn.com walson@drdcs.net info@walsonwoodburn.com
Location :	Owned
Factory 1 :	931, Old Katargam, GIDC, Surat, Gujarat, India
Tel. No.:	91-261-2481793
Factory 2 :	Surat SEZ, Sachin, Gujarat, India

DIRECTORS

As on 30.06.2011

Name :	Mr. Bharat Vasant Jariwala
Designation :	Managing Director
Address :	13-B, Nehru Nagar Housing Society, Athava Lines, Surat – 395 007, Gujarat, India
Date of Birth/Age :	11.03.1950
Date of Appointment :	04.07.1997
DIN No.:	00290827

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	U31300MH1997PTC109238	Walson Woodburn Wire Die Private Limited	Director	04-07-97	04-07-97	Active	NO
2	U29220MH2008PTC180519	WW Wire Die (India) Private Limited	Director	27-03-08	27-03-08	Active	NO

Name :	Mr. Dharmesh Bharat Jariwala
Designation :	Director
Address :	13-B, Nehru Nagar Housing Society, Athava Lines, Surat – 395 007, Gujarat, India
Date of Birth/Age :	01.05.1975
Date of Appointment :	04.07.1997
DIN No.:	00290814

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	U31300MH1997PTC109238	Walson Woodburn Wire Die Private Limited	Director	04-07-97	04-07-97	Active	NO
2	U29220MH2008PTC180519	WW Wire Die (India) Private Limited	Director	27-03-08	27-03-08	Active	NO

Name :	Mr. Rex C Farver
Designation :	Director
Address :	20710, Woodburn Road, Woodburn, Indian 46797, USA
Date of Birth/Age :	28.10.1946
Date of Appointment :	03.10.1997
DIN No.:	00656174
Name :	Mr. Chris C Farver
Designation :	Director
Address :	7821, BE, Fort Wayne, Indian 46815, USA
Date of Birth/Age :	21.11.1967
Date of Appointment :	04.07.1997
DIN No.:	02079957
Name :	Mr. John Robert Rumpz
Designation :	Director
Address :	9529, Woodruff Court, New Haven, IN 46774, USA
Date of Birth/Age :	01.05.1975
Date of Appointment :	03.06.2000
DIN No.:	00801340
Name :	Mr. Purvesh Bharat Jariwala
Designation :	Director
Address :	13-B, Nehru Nagar Housing Society, Athava Lines, Surat – 395 007, Gujarat, India
Date of Birth/Age :	05.09.1978
Date of Appointment :	03.06.2000
DIN No.:	00290804

KEY EXECUTIVES

Name :	Mr. Bala
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Bharat Vasant Jariwala	64250
Dharmesh Bharat Jariwala	64250
Malti Bharat Jariwala	64250
Purvesh Bharat Jariwala	64250
Bharat Jariwala (HUF)	64250
Woodburn Dinmond Die Inc., USA	337500
Bharat Jariwala (HUF)	5000

As on 30.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wire Drawing Die.

Products :

Product Description	ITC Code
Dies for drawing or extruding metal	8207.20
Articles of Precious or Semi Precious Stones	7116.20

Exports :

Products :

Wire Drawing Die

Countries :

· Germany

· USA

· Turkey

· Egypt

· Thailand

· Malaysia

Imports :

Products :

Raw Material

Countries :

· USA

· China

· Germany

Terms :

Selling :

L/C, Cash and Credit (30 days / 60 days) – Advance Payment

Purchasing :

L/C, Cash and Credit (30 days / 60 days) – Advance Payment

PRODUCTION STATUS 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wire Drawing Dies	Pcs.	NA	NA	65574

GENERAL INFORMATION

Customers :

· Retailers

· Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

IDBI Bank Limited

Ess En House, Ghod Dod Road, Surat – 395 007, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term Loan From Bank Secured Against First charge on immovable Property and hypothecation of existing future machineries and personal guarantee of Indian Directors (Repayable Within One Year Rs.3.467 millions)	7.467	6.067
Car Loan Secured By Hypothecation Of Vehicles Purchased Under Hire Purchase Scheme (Repayable Within One Year Rs.0.242 million)	0.308	0.591
Working Capital Facilities from Bank Secured By Hypothecation Of Stock And Book Debts	6.217	2.864
Total	13.992	9.522

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Shareholders And Directors	3.647	2.072
Total	3.647	2.072

Banking Relations :	--
Auditors :
Name :	N K Sheth and Company Chartered Accountants
Address :	4, Mulji Mistry Building No. B, 64 B Tejpal Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-26166512 / 26115777
TeleFax No.:	91-22-26166447
E-Mail :	nksheth@vsnl.com
PAN No.:	AABPS6381D
Joint Co Venturer :	Woodburn Wire Die Inc., USA

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 millions
5000	Participating Redeemable Preference Shares	Rs.100/- each	Rs.0.500 million
	Total		Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
675000	Equity Shares	Rs.10/- each	Rs.6.750 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		6.750	6.750	6.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.831	42.886	32.457
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.581	49.636	39.207
LOAN FUNDS
1] Secured Loans		13.992	9.522	10.513
2] Unsecured Loans		3.647	2.072	5.316
TOTAL BORROWING		17.639	11.594	15.829
DEFERRED TAX LIABILITIES		0.758	1.243	0.745
TOTAL		80.978	62.473	55.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.557	42.420	43.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.480	8.023	6.414
	Sundry Debtors	21.680	20.255	15.615
	Cash & Bank Balances	1.532	2.421	1.934
	Other Current Assets	2.160	0.542	0.520
	Loans & Advances	3.660	1.333	0.851
Total Current Assets		43.512	32.574	25.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.956	10.269	7.853
	Other Current Liabilities	1.124	0.564	1.265
	Provisions	2.011	1.688	3.513
Total Current Liabilities		12.091	12.521	12.631
Net Current Assets		31.421	20.053	12.703
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		80.978	62.473	55.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	88.655	80.038	80.395
		TOTAL	88.655	80.038	80.395
Less	EXPENSES
		Office Expenses	70.406	60.376	61.708
		Administrative Expenses
		Advertising Expenses
		TOTAL	70.406	60.376	61.708
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		18.249	19.662	18.687
Less/ Add	DEPRECIATION/ AMORTISATION		5.746	5.619	5.585
	PROFIT/LOSS BEFORE TAX		12.503	14.043	13.102
Less	TAX		(0.442)	3.614	3.944
	PROFIT/LOSS AFTER TAX		12.945	10.429	9.158
	EARNINGS IN FOREIGN CURRENCY		47.035	46.685	54.713
	IMPORTS
		Machinery and Spares	13.259	3.448	1.774
		Raw Materials	18.566	12.352	9.381
		Consumables	1.393	1.634	1.484
		Diamond Powder	1.088	0.558	0.131
	TOTAL IMPORTS		34.306	17.992	12.770
	Earnings Per Share (Rs.)		19.18	15.45	13.57

Expected Sales (2011-2012) : Above Rs.150.000 millions

The above information has been parted by Mr. Bala

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.60	13.03	11.39
Return on Total Assets (PBT/Total Assets}	(%)	13.43	18.73	19.15
Return on Investment (ROI) (PBT/Networth)		0.20	0.28	0.33
Debt Equity Ratio (Total Liability/Networth)		0.48	0.49	0.73
Current Ratio (Current Asset/Current Liability)		3.60	2.60	2.01

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Sundry Creditors (Including Due to Micro, Small and Medium Enterprises)	8.956	10.269	7.853
Total	8.956	10.269	7.853

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	--
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

OPERATIONS

The Company has a satisfactory volume of business during the year. The Directors are confident of achieving better results in current year.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs. in millions
Counter Guarantee to Bank	0.061

FIXED ASSETS

· Lease Hold Land

· Factory Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Plant and Equipments WIP

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.50.07
UK Pound	1	Rs.79.15
Euro	1	Rs.69.04

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	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
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.