MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	PERMALI WALLACE PRIVATE LIMITED
Formerly Known As :	PERMALI WALLACE LIMITED
Registered Office :	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.08.1961
Com. Reg. No.:	10-00927
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U02001MP1961PTC000927
IEC No.:	1188003984
TAN No.: [Tax Deduction & Collection Account No.]	BPLP01367C
PAN No.: [Permanent Account No.]	AABCP7557R
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Wood based Densifed Impregnated Laminates for Industrial and Engineering Applications.
No. of Employees :	320 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 575312
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. D R Sharma
Designation :	Accounts Manager
Contact No.:	91-755-2550085
Date :	14.09.2011

LOCATIONS

Registered Office / Factory :	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India
Tel. No.:	91-755-2550085 / 2550508 / 2555633 / 2552192 / 5272657/ 2550516/ 4272657
Fax No.:	91-755-2550504
E-Mail :	permali@vsnl.com permali@sancharnet.in info@permaliwallace.com sales@permaliwallace.com purchase@permaliwallace.com
Website :	http://www.permaliwallace.com
Area:	8 Acres
Location:	Owned
Branch :	9, Wallace Street, Fort, Mumbai-400001, Maharashtra, India

DIRECTORS

AS ON 23.06.2011

Name :	Mr. Ranjit Vithaldas
Designation :	Chairman and Managing Director
Address :	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India
Date of Birth/Age :	08.07.1927
Qualification :	B. Com.
Date of Appointment:	24.06.2008
Other Directorships :	The Indian Plywood Manufacturing Company Private Limited – Chairman CIN No.: U20100MH1944PTC004192 M P Audyogik Vikas Nigam Limited – Director
Previous Employment :	v 1985-1990 – M P Consultancy Organisation Limited, Bhopal – Nominee director of IFCI v 1993-1998 - Madhya Pradesh Financial Corporation, Indore – Director v 1986-1991 – Madhya Pradesh Export Corporation Limited, Bhopal– Director v 1985-1998 – Alpine Industries Limited, Indore - Chairman v 1983-1988 – Elecon Engineering Company Limited – Director v 1986-1998 – BSI Limited, Bhopal – Director v 1989-1992 – Bhopal Rehabilitation – Director v 1969-1998 – Madhya Pradesh Kendra of Bharatiya Vidya Bhavan – Vice Chairman
DIN No.:	00029584

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	U20100MH1944PTC004192	Indian Plywood Manufacturing Company Private Limited	Director	28/03/2001	28/03/2001	-	Active	NO
2	U02001MP1961PTC000927	Permali Wallace Private Limited	Whole-time director	24/06/2006	24/06/2006	-	Active	NO

Name :	Mr. Nalin Karsondas
Designation :	Non Executive Director
Address :	3A, Woodlands, 3^rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	14.01.1931
Qualification :	Graduate
Date of Appointment :	05.04.1995
Other Directorships :	v B Trikamal and Company Private Limited v The Indian Plastics And Chemicals Private Limited v Karnataka Resins Private Limited v Vissanji Khimji And Company Private Limited v Vissanji Khimji And Company (Partner)
DIN No.:	00045597

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	U15400MH1955PTC009539	Vissanji Khimji And Company Private Limited	Director	18/06/1971	18/06/1971	-	Active	NO
2	L99999GJ1973PLC002260	India Gelatine And Chemicals Ltd	Director	11/12/1974	11/12/1974	-	Active	NO
3	U99999MH1947PTC005773	B Trikamlal And Company Private Limited	Director	08/02/1977	08/02/1977	-	Active	NO
4	U02001MP1961PTC000927	Permali Wallace Private Limited	Director	05/04/1995	05/04/1995	-	Active	NO
5	U85110KA1968PTC001771	Dandeli River Resorts Private Limited	Director	29/09/2005	29/09/2005	27/09/2008	Active	YES
6	U51109MH1938PTC002788	B M D Chemicals Private Limited	Director	14/12/2007	14/12/2007	-	Active	NO

Name :	Mrs. Nirmala Nalin Karsondas
Designation :	Non Executive Director
Address :	3A, Woodlands, 3^rd Floor, 67 Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	18.03.1933
Qualification :	Under Graduate
Date of Appointment :	05.04.1995
DIN No.:	00045607

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	U02001MP1961PTC000927	Permali Wallace Private Limited	Director	05/04/1995	05/04/1995	-	Active	NO

Name :	Mr. Subhash Vithaldas Kanji
Designation :	Whole Time Director
Address :	Permali House, Hoshangabad Road, Bhopal – 462011, Madhya Pradesh, India
Date of Birth/Age :	07.01.1946
Qualification :	B.Sc. and Specialized in Training in composite in U.K.
Date of Appointment :	01.11.1996
Other Directorships :	Pumik Engineering Components Private Limited Vissanji Khimji and Company Private Limited
Previous Employment :	v CII M. P Committee : Past Co-Chairman v Institute of Standard Engineers (Bhopal) : Past Vice Chairman v Executive Committee of Maharishi Mahesh Yogi Vishwavidyalaya (Bhopal : Past Chairman v Rotary Foundation Committee : Past Chairman
DIN No.:	00012684

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	U15400MH1955PTC009539	Vissanji Khimji And Company Private Limited	Director	01/12/1992	01/12/1992	-	Active	NO
2	U02001MP1961PTC000927	Permali Wallace Private Limited	Whole-time director	01/11/1996	01/11/1996	-	Active	NO
3	U67120MP1997PTC012024	Pumik Engineering Components Private Limited	Director	28/08/1999	28/08/1999	-	Active	NO

Name :	Mr. Rajindra Pal Kapoor
Designation :	Nominee Director from MP Financial Corporation
Address :	E-4/16, Arera Colony, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	01.04.1933
Qualification :	I. A.S.
Date of Appointment :	29.08.1998
Note :	He is a Nominee Director of the company appointed by Madhya Pradesh Financial Corporation. He is IAS Retired, Fellow Haward University CIFTA (USA) and Former Chief Secretary, Government of Madhya Pradesh.
DIN No.:	00051226

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	U02001MP1961PTC000927	Permali Wallace Private Limited	Director	29/08/1998	29/08/1998	16/08/2011	Active	NO

Name :	Mr. Bankim Hamir Vissanji Karsondas
Designation :	Non Executive Director
Address :	93, Ashutosh Co-operative Housing Society Limited, 38 A, Nepean Sea Road, Mumbai – 400006, Maharashtra, India anchor72@vsnl.com
Date of Birth/Age :	09.09.1947
Qualification :	B. Com.
Date of Appointment :	18.08.2004
Other Directorships :	v Superior Board Products Private Limited - Director v Vanmali Corporation – Partner v Anchor Plywood and Panel Pro Private Limited – Director
DIN No.:	00045864

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	U21016MH1994PTC078614	Superior Board Products Private Limited	Director	26/05/1994	26/05/1994	-	Active	NO
2	U02001MP1961PTC000927	Permali Wallace Private Limited	Director	18/08/2004	18/08/2004	-	Active	NO
3	U51393MH2005PTC154720	Anchor Plywood And Panel Products Private Limited	Director	12/07/2005	12/07/2005	-	Active	NO
4	U20100MH1944PTC004192	Indian Plywood Manufacturing Company Private Limited	Director	29/06/2007	29/06/2007	-	Active	NO
5	U51109MH1938PTC002788	B M D Chemicals Private Limited	Director	05/02/2008	05/02/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Sharma
Designation :	Secretary
Address :	64-A, Annapurna Nagar, Indore-452009, Madhya Pradesh, India
Date of Birth/Age :	15.06.1973
Date of Appointment :	24.06.2006
Name :	Mr. S K Kadosia
Designation :	Chief Executive
Name :	Mr. D R Sharma
Designation :	Accounts Manager
Qualification	Bachelor of Commerce
Name :	Mr. Mihir Merchant
Designation :	Head Marketing
Qualification	Bachelor of Engineering (Mechanical) Master in Business Administration
Name :	Mr. Kunal Merchant
Designation :	Head Purchase
Qualification	Masters of Commerce Masters in Business Administration
Name :	Mr. S K Kodesia
Designation :	Head Sales/ Marketing Chief Executive Officer
Qualification	Bachelor of Engineering (Electrical) Post Graduate degree in Business Administration
Name :	Mr. Milind Bhagwat
Designation :	Head Engineering and Design
Qualification	Bachelor of Engineering (Electrical) Master of Technology
Name :	Mr. D R Sharma
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.06.2011

LIST OF SHAREHOLDERS

Names of Shareholders	No. of Shares
Vissanji Khimji and Company Private Limited, Mumbai	16225
BMD Chemicals Private Limited , Mumbai	10500
Jaisinh Vithaldas	24
Jaishinh Vithaldas jointly with Vijaysinh Vithaldas	53
Jaisinh Vithaldsa Jointly with Nalin Karsondas	3335
Bankim Hamir Jointly with Nalin Karsondas	4642
Bankim Hamir	1170
Bankim Hamir jointly with Rukshmani Hamir	1343
Bankim Hamir jointly with Panna Hamir	5069
Panna Bankim jointly with Kankim Hamir	6106
Nalin Karsondas Jointly with Nirmala Nalin	10377
Nalin Karsonad Jointly with Nirmala Nalin	3008
Nirmala Nalin Jointly with Nalin Karsondas	126000
Hina Chandrahas Jointly with Hemen Chandrahas	18282
Chandrakant Vijaysinh Jointly with Ranjit Vithaldas	144
Nirupama Chandrakant Jointly with Jayshri Vithaldas	300
Nirupama Chandrakant Jointly with Jaisinh Vithaldas	288
Ranjit Vithaldas Jointly with Tara Ranjit	679
Tara Ranjit Jointly with Ranjit Vithaldas	1142
Punam Vithaldas Jointly with Haren Vithaldas	288
Haren Vithaldas Jointly with Punam Vithaldas	192
Vasan Vithaldas Jointly with Jaisinh Vithtaldas	569
Vasant Vithaldas, Kumud Vasant Jointly with Prasant Vasant	11
Mahesh Vithaldas Jointly with Purnima Mahesh	3331
Purnima mahesh Jointly with Mahesh Vithaldas	673
Subhash Vithaldas Jointly with Harshika Subhash	10000
Harshika Subhash Jointly withSubhash Vithaldas	336
Vinay Narendra Jointly with Ranjit Vithaldas	354
Jayshri Narendra Jointly with Smt. Lata Randhir	800
Narendra Vithaldas Jointly with Jayshri Narendra	1670
Rukshmani Hamir Jointly with Bankim Hamir	8896
Lata Randhir Jointly with Smt. Meena Jasbir	1606
Kumud Pratapsinh Jointly with Mahesh Vithaldas	10000
Kumud Vasant Jointly with Vasant Vithaldas	528
Prashant Vasant Jointly with Pankaj Vijaysinh	425
Pankaj Vijaysinh Jointly with Bankim Hamir	275
Pankaj Vijaysinh Jointly with Usha Pankaj	288
Sushila Virendra Jointly with Panna Bankim	2532
Sushila Virendra	624
Shri Haresh Vijaysinh Jointly with Bankim Hamir	275
Haresh Vijaysinh Jointly with Sonal Haresh	288
Vijya Vijaysinh, Hamir Karsondas Jointly with Pankaj Vijaysinh	156
Ashok Chandrahas Jointly with Jhanvi Ashok	1800
Hemen Chandrahas Jointly with Jyoti Hemen	5800
Hemen Chandrahas Jointly with Jyoti Hemen	2000
kunal S. Merchant	16686
Rekha Bharat Jointly with Ratansey Karsondas	11
Rekha Bharat, Bharat Ratansey Jointly with Brijesh Bharat	430
Rekha Bharat Jointly with Bharat Ratansey	2
Brijesh Bharat, Rekha Bharat Jointly with Bharat Ratansey	431
Bharat Ratansey Jointly with Rekha Bharat	9501
Bharat Ratansey Jointly with Rekha Bharat	855
Bharat Ratansey, Brijesh Bharat Jointly with Rekha Bharat	370
Bharat Ratansey Jointly with Rekha Bharat	884
Meena Jasbir Bhandari Jointly with Lata Randhir	693
Mihir Merchant Jointly with Subhash Vithaldas	5245
Ravisha Mihir Jointly with Mihir Subhash	1688
Yashveersingh Lauly	49
Yashkaransingh Lauly Jointly with Yashveersingh Lauly	1
Meenal Rajesh Jointly with Rajesh Gordhandas	750
Total	300000

Equity Share Breakup (Percentage of Total Equity)

AS ON 23.06.2011

Category	Percentage of Holding
Bodies corporate	8.91
Directors of relatives of directors	80.89
Other top fifty shareholders	10.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wood based Densifed Impregnated Laminates for Industrial and Engineering Applications.

Products :

• Laminates
• Mouldings
• Resins
• Tubes
• Resinoid Castings
• Prepregs

Product Description	ITC Code
Densified Wood	44.09.00
Fibreglass Products	85.46.00
DNC, SMC and their Moulding	39.07.91

Exports :

Products :

v Wood laminates

v Glass laminate

Countries :

• UAE
• Egypt

Imports :

Products :

v Industrial Technical Fabrics

Countries :

• Germany
• Malaysia
• China
• Singapore

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Installed Capacity	Actual Production
Densified Wood	*2500	1933.316
Glass fibre laminates	*460	264.417
Cast eproxies	*60	6.558
SMC, DMC and their Mouldings	*1000	0.731

* As certified by the management

GENERAL INFORMATION

Suppliers :

· Atul Limited (Valsad) India

· Akzo Chemicals, Netherlands

· Synteen Gmbh Technich

· Saint Gobain Vetrotex India Limited, Mumbai India

· Great Lakes Chemicals Corporation, United States of America

· Plast Labor SA, Switzerland

Customers :

v OEM’s

v End Users

v Manufacturers of electrical equipments

v Railways

v Defense

v Automobile industries

v Steel plants

v Atomic power plants

v Engineering Industries

Major Customers

v Bharat Heavy Electricals Limited (BHEL)

v Crompton Greaves Limited India

v ABB Limited India

v Alston India

v ABB Limited, Baroda

v ABB Limited, Nasik

v Areva Transmission And Distribution, Chennai

v Areva Transmission And Distribution, Naini

v Beicco Lawrie Limited, Kolkata

v Bharat Heavy Electricals Limited, Bhopal

v Bharat Heavy Electricals Limited, Hardwar

v Bharat Heavy Electricals Limited, Jhansi

v Bharat Bijlee Limited, Thane

v Crompton Greaves Limited, Nasik

v Crompton Greaves Limited, Mumbai

v Crompton Greaves Limited, Mandideep

v Chittaranjan Locomotive Works, Chittaranjan

v Mishra Dhatu Nigam Limited, Midhani, Hyderabad

v Ordnance Factory, AMB

v Inductotherm, AMD

v Voltamp, Baroda

No. of Employees :

320 Approximately

Bankers :

• Bank of India, Sachivalaya Branch, Plot No.228, Zone 1, Maharana Pratap Nagar Nagar, Bhopal – 462011, Madhya Pradesh, India

• State Bank of India, Consortium Commercial Branch, Beside Local Head Office Complex, Hoshangabad Road, Bhopal - 462011, Madhya Pradesh, India

• M P Financial Corporation, Finance House, A B Road, Indore, Madhya Pradesh, India

• Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai 400005, Maharashtra, India

• Union Bank of India

Financial Institutions :

· Madhya Pradesh Financial Corporation

Finance House, Agra Bombay Road, Indore-452001, Madhya Pradesh, India

· Technology Information, Forecasting and Assessment Council (TIFAC)

Vishwakarma Bhavan, A Wing, shaheed Jeet Singh Marg, New Delhi-110016, India

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Cash Credit Account

72.177

60.414

12.5% Non Convertible Redeemable Debenture

(Repayable in four equal installment form the F.Y. 2009 -10 to 2015-16)

6.833

8.502

12% Non Convertible Redeemable Debenture IInd Series

(Repayable in four equal installment form the F.Y. 2012 -13 to 2014-15)

15.000

15.000

12% Non Convertible Redeemable Debenture IIIrd Series

(Repayable in four equal installment form the F.Y. 2013 -14 to 2015-16)

12.440

--

Loan from SBI (EPC)

0.000

0.001

Term Loan from Axis Bank (Vehicle Loan)

0.000

1.546

Term Loan From UBI

55.493

0.000

Assessment Council (TIFAC) FRP Bracket Assembly project

7.212

8.238

Term Loan form SBI

0.000

10.914

Term Loan From BOI

8.437

2.950

Term Loan From MPFC (New)

44.300

25.000

Total

221.893

132.565

Notes-

CASH CREDIT / SLC / EPC / FCNR (B) WITH UBISBI AND BOI

Secured by first charge ranking pari - passu between the bankers by hypothecation of stock of raw materials, stock-in-process, semi-finished and finished goods, stores and spares parts, bills receivable and all other moveable and documents of title to goods and other assets, both present and future, and secured by second charge ranking pari-passu between the bankers by equitable mortgage over land and buildings situated at Hoshangabad Road, Bhopal and Village Mandhari Mandideep, Distt.Raisen including plant and machinery thereon.

Debenture

· 12.50 % Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank third on Land.Series I)

· 12.00 % Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank forth on Land.(Series II)

· 12.00 % Secured Redeemable Non-Convertible Debenture are secured by way of equitable mortgage shall rank fifth on Land.(Series III)

TIFAC

TIF AC will have exclusive first charge over the assets created out of TIFAC assistance.

UBI Consortium - Term loan

The Consortium Term Loan from Union Bank of India, M.P.Financial Corporation, State Bank of India, Bank of India and EXIM Bank are secured by the first pari-passu charge among all the term lenders , on immovable properties of the borrower , namely Land and Building and Plant and Machinery appertaining or affixed thereto both present and future and second pari-passu charge on current assets of the company among all the term lenders at Hoshangabad Road, Bhopal and Village Mandhari Mandideep, Distt. Raisen.

Term Loan From Axis Bank Ltd (Vehicle Loan)

First exclusively charge on SUPERB SKODA CAR in favour of the bank.

Unsecured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	3.600	1.000
From Shareholders	6.950	12.735
Inter Corporate Loans	0.170	6.570
Corporate Loan From BOI	3.565	7.703
Total	14.285	28.008

Banking Relations :	--
Auditors :
Name :	Vidya and Company Chartered Accountants
Address :	Room No. 316, 3^rd Floor, Centre Point, 21, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India
Tel No.:	91 – 33 - 2213 3231 / 32
E-Mail :	vidya@cal3.vsnl.net.in
Associates/ Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 23.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 100/- each	Rs. 40.000 Millions
100000	Cumulative Redeemable Preference shares	Rs. 100/- each	Rs. 10.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 100/- each	Rs. 40.000 Millions
100000	Cumulative Redeemable Preference shares	Rs. 100/- each	Rs. 10.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions

Note:

Of the above 11250 Equity Shares are allotted as fully paid up by way of bonus shares after capitalisaiton of reserves.

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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		113.828	73.940	38.215
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.828	103.940	68.215
LOAN FUNDS
1] Secured Loans		221.892	132.565	114.048
2] Unsecured Loans		14.285	28.008	20.093
TOTAL BORROWING		236.177	160.573	134.141
DEFERRED TAX LIABILITIES		11.960	9.392	3.027
TOTAL		391.965	273.905	205.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.976	101.982	75.513
Capital work-in-progress		17.162	19.456	14.318
INVESTMENT		5.119	0.117	0.117
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.197	109.940	77.475
	Sundry Debtors	84.734	88.635	77.570
	Cash & Bank Balances	39.802	14.995	6.405
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	88.657	52.660	34.847
Total Current Assets		358.390	266.230	196.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.901	2.858	2.743
	Current Liabilities	139.314	61.236	41.092
	Provisions	51.467	49.786	37.027
Total Current Liabilities		192.682	113.880	80.862
Net Current Assets		165.708	152.350	115.435
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		391.965	273.905	205.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	551.973	440.464	385.000
		Other Income	0.000	3.415	14.577
		TOTAL (A)	551.973	443.879	399.577
Less	EXPENSES
		Cost of Goods Sold		195.266	188.344
		Employees Expenses	441.698	80.854	71.933
		Selling and Other Expenses		67.415	60.088
		TOTAL (B)	441.698	343.535	320.365
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		110.275	100.344	79.212
Less	FINANCIAL EXPENSES (D)		24.000	21.855	17.061
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.275	78.489	62.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.351	11.502	8.156
	PROFIT BEFORE TAX (E-F) (G)		68.924	66.987	53.995
Less	TAX (I)		22.298	25.142	12.814
	PROFIT AFTER TAX (G-I) (J)		46.626	41.845	41.181
Add	PRIOR PERIOD ITEM		0.347	0.939	1.438
Add	ADJUSTMENT/PAYMENT OF TAX FOR EARLIER YEAR		(0.088)	(0.039)	(0.001)
	PROFIT AVAILABLE TO THE ENQUIRY SHAREHOLDER		46.885	42.745	42.618
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.020	19.545	9.447
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	3.000	1.250	0.500
		Proposed Dividend	6.000	6.000	6.000
		Tax on Dividend	0.997	1.020	1.020
		Fringe Benefit Tax	25.000	25.000	25.000
	BALANCE CARRIED TO THE B/S		40.908	29.020	19.545
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	73.607	71.376	92.674
	TOTAL EARNINGS		73.607	71.376	92.674
	IMPORTS
		Raw Materials	104.127	82.408	76.445
		Stores & Spares	0.328	0.024	0.000
	TOTAL IMPORTS		104.455	82.432	76.445
	Earnings Per Share (Rs.)		156.28	142.48	147.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.44	9.42	10.31
Net Profit Margin (PBT/Sales)	(%)	12.48	15.20	14.02
Return on Total Assets (PBT/Total Assets}	(%)	12.25	18.19	19.86
Return on Investment (ROI) (PBT/Networth)		0.47	0.64	0.79
Debt Equity Ratio (Total Liability/Networth)		3.06	2.64	3.15
Current Ratio (Current Asset/Current Liability)		1.86	2.34	2.43

LOCAL AGENCY FURTHER INFORMATION

BUSINESS DESCRIPTION

Established in 1961, subject is a manufacturer and supplier of wood-based impregnated laminates for various industrial and engineering applications. The company provides wood veneer-based components, glass-reinforced composites and epoxy resin castings. It also offers a range of composites manufactured from cotton, polyester and Kevlar fabrics. Its product range includes lifting bars, coil clamping rings, and tension and fish plates. It offers products used for various electrical, railway, automobile, construction and defence applications. It uses metal spray equipment, vacuum impregnators, metal detectors, and tube and ring winding machines.

OPERATIONAL PERFORMANCE

The Company has maintained its record of good performance for the year 2010-11 also. During the Financial Year (FY) 2010-11, the Company has achieved the ever highest 2286.53 tonnes production of Densified Wood surpassing the previous record production of Densified wood 1933.31 tonnes. The higher production of Densified Wood Products was due to better capacity utilization of plants, improved maintenance practices and adequate availability of raw materials and intermediates. The Densified Wood sales for the FY 2010-11 was 2112.39 tonnes as compared to 1876.30 tonnes during the FY 2009-10 thus registering 12.58% growth. The Directors are pleased to inform you that, the Company has been able to achieve higher sales volume of its major Densified Wood products due to its aggressive marketing strategy.

In Fiscal Terms, The Company has achieved a net turnover of Rs. 551.973 millions and a profit after tax of Rs.46.626 millions in the current financial year as against net turnover of Rs. 440.464 millions and profit after tax of Rs.41.845 millions in 2009-10. Earnings before interest, depreciation and tax (EBIDT) is Rs. 110.275 millions as against Rs.100.344 millions in 2009-10.

FUTURE PLANS

Under new expansion cum shifting project, company has purchased the land at Village Manddehari, Mandideep, dist. Raisen(M.P.). The Company proposes to set up a new factory and relocate its existing unit from Hoshangabad Road, Bhopal to Village Manddehari, Mandideep by April, 2013. Meanwhile company plans to increase its production capacity of Densified Wood Products from 2500 tonnes, p.a. to 3400 tonnes, p.a., by 31^sl March, 2012, as the demand of the product is increasing day by day. As part of this programme, the company has purchased Hydraulic presses 12 day light 4500 tonnes and 16 day light 4000 tonnes and is going to install the same. Company is also going to purchase and install the Guillotine Machine, CNC Router, Lathe machines etc. for improving quality, accuracy, time saving of the product and for meeting of the customers' requirement.

Bankers Charges Report as per Registry

Corporate identity number of the company	U02001MP1961PTC000927
Name of the company	PERMALI WALLACE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Permali House, Hoshangabad Road, Opposite RBI, Bhopal – 462011, Madhya Pradesh, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai 400005, Maharashtra, India Email: eximwrro@eximbankindia.in
Nature of instrument creating charge	Unattested Deed of Hypothecation of Movable Assets executed by Permali Wallce Private Limited ("The Borrower") in favour of Export Import Bank of India ("Exim Bank"),
Date of instrument Creating the charge	27.11.2010
Amount secured by the charge	Rs. 95.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest LIBOR (6 months) + 500 bps p. a. (all inclusive), payable quarterly,subject to reset in accordance with the provisions of Sch.II-A of the Loan Agreement dtd 25/09/10. Terms of repayment Unless the Borrower shall prepay the loan facility in pursuance of Schedule II-A of Loan Agreement, the loan facility shall be repaid by the Borrower in twenty three (23) substantially equal quarterly instalments tentatively commencing from March 20, 2012 being linked to the date of commencement of commercial production under phase 1 of the modernisation cum expansion project, or such other date closer to that date as may be advised by Exim Bank at the time of making the first advance. Extent and operation of the charge Charge created under the Deed of Hypothecation shall operate as continuing security by way of first pari passu over the Borrower's entire movable fixed assets and second charge over entire current assets, both present and future for the due repayment of the loan of Rs.95.000 millions together with interest and all other monies payable by the borrower to Exim Bank under the Dollar Loan Agreement dated 25/09/10.
Short particulars of the property charged (Including location of the property)	Entire Movable Fixed Assets of Borrower both present and future including movable plant and machinery, equipment, machinery spares, tools, accessories. Entire Currents Assets of Borrower both present and future including book-debts, receivable, stock of raw materials, finished and semi-finished goods.

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Lab Equipments

· Office Equipments

· Furniture and Fixtures

· Vehicles

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.47.79
UK Pound	1	Rs.75.06
Euro	1	Rs.65.35

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
--BE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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	Be	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Be	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	Be	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.