MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	WAVIN INDIA LIMITED
Registered Office :	Plot No. 65 and 66, Industrial Estate, Ambattur, Chennai-600058, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.12.1964
Com. Reg. No.:	18-005274
Capital Investment / Paid-up Capital :	Rs. 49.999 Millions
CIN No.: [Company Identification No.]	L25209TN1964PLC005274
TAN No.: [Tax Deduction & Collection Account No.]	CHEW00027G
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Company is engaged in the “PVC Pipes” business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow
Litigation :	--
Comments :	Subject has been declared as a sick company by the Board for Industrial and Financial Reconstruction (BIFR). Financial position of the company is poor. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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

LOCATIONS

Registered Office :	Plot No. 65 and 66, Industrial Estate, Ambattur, Chennai-600058, Tamilnadu, India
Tel. No.:	91-44-26251567/ 26251667/ 26258269
E-Mail :	am-audit@martinandharris.com

DIRECTORS

(AS ON 30.09.2010 )

Name :

Mr. Vijay Kumar Gurdayal Berlia

Designation :

Director

Address :

S-361, Panchsheel Park, New Delhi-110017, India

Date of Birth/Age :

01.12.1951

Date of Appointment :

01.11.1981

DIN No.:

00196774

Other Directorship:

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	U24119WB1972PTC028338	EASTERN P V C PRODUCTS PRIVATE LIMITED	Director	20/03/1973	20/03/1973	-	Active	NO
2	L25209TN1964PLC005274	WAVIN INDIA LIMITED	Director	01/11/1981	01/11/1981	-	Active	NO
3	U27209TN1981PLC009133	P B WAVIWELL (INDIA ) LIMITED	Director	29/06/1990	29/06/1990	-	Active	NO
4	L65993DL1990PLC039397	BERVIN INVESTMENT AND LEASING LIMITED	Director	18/07/1992	18/07/1992	-	Active	NO
5	U74899DL1995PLC071045	BERVIN HOLDINGS LIMITED	Director	21/07/1995	21/07/1995	-	Active	NO
6	U24230MH1980PTC022803	MARTIN AND HARRIS PHARMACEUTICALS PRIVATE LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO
7	U24231DL2001PTC111320	APEEJAY STYA HEALTHCARE PRIVATE LIMITED	Director	15/01/2007	15/01/2007	03/11/2008	Active	NO
8	U74899DL1990PTC039398	SATWIN ESTATES AND PROPERTIES PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
9	U85191DL2007NPL171359	NOIDA EDUCATION FOUNDATION	Director	12/12/2007	12/12/2007	-	Active	NO
10	U85191DL2007NPL171361	APEEJAY STYA EDUCATION FOUNDATION	Director	12/12/2007	12/12/2007	-	Active	NO

Name :

Mr. Avinash Chander Rekhi

Designation :

Director

Address :

House No. –Ria Windsor Court, DLF Phase-4, Gurgaon-122015, Haryana, India

Date of Birth/Age :

14.10.1935

Date of Appointment :

30.12.1995

DIN No.:

00105866

Other Directorship:

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	L25209TN1964PLC005274	WAVIN INDIA LIMITED	Director	30/12/1995	30/12/1995	-	Active	NO
2	L65993DL1990PLC039397	BERVIN INVESTMENT AND LEASING LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
3	U27209TN1981PLC009133	P B WAVIWELL (INDIA ) LIMITED	Director	05/10/2000	05/10/2000	-	Active	NO
4	U22122DL2001PTC111321	APEEJAY STYA PUBLISHING PRIVATE LIMITED	Director	27/03/2003	27/03/2003	-	Active	NO
5	U24232DL2004PTC126594	ASG BIOCHEM PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Active	NO

Name :

Mr. Rajesh Sharma

Designation :

Director

Address :

403, Siddharth Building, Jeetendra Road, Raheja Malad, Mumbai-400017, Maharashtra, India

Date of Birth/Age :

16.03.1972

Date of Appointment :

10.11.1999

DIN No.:

00041563

Other Directorship:

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	L25209TN1964PLC005274	WAVIN INDIA LIMITED	Director	10/11/1999	10/11/1999	-	Active	NO
2	U74899DL1990PTC039398	SATWIN ESTATES AND PROPERTIES PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
3	U74899DL1992PTC050498	PUNJAB ESTATES PRIVATE LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
4	U24230MH1981PTC024819	FARICHEM LABORATORIES PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U24230MH1977PTC019462	MARTEL HAMMER PHARMACEUTICALS PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
6	U52599TN1993PTC026176	PVP EXPORTS PRIVATE LIMITED	Director	18/02/2002	18/02/2002	-	Active	NO
7	U74899DL1990PTC039396	NISHANT PHARMACEUTICALS PRIVATE LIMITED	Director	10/09/2003	10/09/2003	-	Active	NO
8	U74899DL2001PTC110110	BRILLCOMP SERVICES PRIVATE LIMITED	Director	10/04/2004	10/04/2004	-	Active	NO
9	U21011DL1996PTC080666	PACHGAON PAPER AND BOARDS PRIVATE LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
10	U24232DL2004PTC126594	ASG BIOCHEM PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Active	NO
11	U72200DL1999PTC099441	BERSOFT INFOTECH PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
12	U74899DL1996PTC083764	WALTER BUSHNELL PRIVATE LIMITED	Director	26/07/2004	26/07/2004	-	Active	NO
13	U51909DL2004PTC131144	I S FERRO SALES PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
14	U24231DL2004PTC131143	WALTER BUSHNELL PURE HEALTH PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Strike off	NO
15	U24231DL2004PTC131147	WALTER BUSHNELL LABORATORIES PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
16	U24231DL2004PTC131148	WALTER BUSHNELL THERAPEUTICS PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Strike off	NO
17	U51900MH1995PTC088522	WALTER BUSHNELL MARKETING PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Strike off	NO
18	U24231DL2005PTC134536	WALTER BUSHNELL BIOHEALTH PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Strike off	NO
19	U24119WB1972PTC028338	EASTERN P V C PRODUCTS PRIVATE LIMITED	Director	07/06/2005	07/06/2005	-	Active	NO
20	U70109DL1996PTC084029	A S INFRASTRUCTURE PRIVATE LIMITED	Director	15/10/2005	15/10/2005	-	Active	NO
21	U70109DL1996PTC084032	M S INFRASTRUCTURE PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
22	U27209TN1981PLC009133	P B WAVIWELL (INDIA ) LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO

Name :

Mr. Naresh Kumar Nagpal

Designation :

Director

Address :

D-5/3A, Rana Pratap Bagh, New Delhi-110007, India

Date of Birth/Age :

25.11.1950

Date of Appointment :

08.12.2008

DIN No.:

02324956

Other Directorship:

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	L25209TN1964PLC005274	WAVIN INDIA LIMITED	Director	30/09/2009	08/12/2008	30/07/2011	Active	NO
2	U72900DL2010PTC205423	SMNN TRADING PRIVATE LIMITED	Director	07/07/2010	07/07/2010	30/07/2011	Active	NO
3	U93000DL2010PTC205424	SMN MANAGEMENT SERVICES PRIVATE LIMITED	Director	07/07/2010	07/07/2010	30/07/2011	Active	NO
4	U72300DL2010PTC205453	SKJNK TRADING PRIVATE LIMITED	Director	07/07/2010	07/07/2010	30/07/2011	Active	NO
5	U72200DL2010PTC205488	NN and KK SOFT TRADING PRIVATE LIMITED	Director	08/07/2010	08/07/2010	30/07/2011	Active	NO
6	U93000DL2010PTC205492	NKNS MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2010	08/07/2010	30/07/2011	Active	NO
7	U93000DL2010PTC205496	NKB MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2010	08/07/2010	30/07/2011	Active	NO
8	U93000DL2010PTC205513	NKAK MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2010	08/07/2010	30/07/2011	Active	NO
9	U72200DL2010PTC205509	KLB TRADING PRIVATE LIMITED	Director	08/07/2010	08/07/2010	30/07/2011	Active	NO
10	U93000DL2010PTC205745	KLB MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2010	13/07/2010	30/07/2011	Active	NO
11	U93000DL2010PTC205793	L and K MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2010	13/07/2010	30/07/2011	Active	NO
12	U74140DL2010PTC205814	SMNK MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2010	13/07/2010	30/07/2011	Active	NO
13	U65993WB1924PTC004868	MARTIN and HARRIS PRIVATE LIMITED	Additional director	04/10/2010	04/10/2010	30/07/2011	Active	NO
14	U80904DL2007PTC166303	M and H INFRASTRUCTURE PRIVATE LIMITED	Additional director	15/10/2010	15/10/2010	30/07/2011	Active	NO
15	U80900DL2010PTC211115	S P VISION EDUCATION PRIVATE LIMITED	Director	06/12/2010	06/12/2010	30/07/2011	Active	NO
16	U80900DL2010PTC211116	GENUINE EDUCATION PRIVATE LIMITED	Director	06/12/2010	06/12/2010	30/07/2011	Active	NO
17	U80904DL2011PTC213080	QUALITY EDUCATION SERVICES PRIVATE LIMITED	Director	27/01/2011	27/01/2011	30/07/2011	Active	NO
18	U80904DL2011PTC213082	DREAMS EDUCATION SERVICES AND TRAINING PRIVATE LIMITED	Director	27/01/2011	27/01/2011	30/07/2011	Active	NO
19	U80302DL2011PTC213183	FORTUNE EDUCATION SERVICES and TRAINING PRIVATE LIMITED	Director	31/01/2011	31/01/2011	30/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010 )

Names of Shareholders	No. of Shares
Vijay kumar Gurdayal Berlia	4000

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010)

Category	Percentage
Public Financial Companies	1.19
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	8.00
Bodies corporate	88.75
Directors or relatives of directors	0.39
Others	1.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in the “PVC Pipes” business.

Products :

Product Description	ITC Code
Rigid Pve Pipes and Fittings	39172301

PRODUCTION STATUS (AS ON 31.03.2010)

Installed Capacity: - 13,200 MT

Actual Production:- 25 MT

GENERAL INFORMATION

Bankers :

Not Available

Banking Relations :	--
Auditors :
Name :	Sekhri Kanodia and Associates Chartered Accountant
Address :	202, Madhva Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-26477520/ 21/ 22
Fax No.:	91-22-26477523
PAN No.:	AANFS8529B
Associate Company :	Bervin Investments and Leasing Limited
Subsidiaries :	P B Waviwell (India) Limited CIN No.: U27209TN1981PLC009133

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4999900	Equity Share	Rs. 10/- each	Rs. 49.999 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		49.999	49.999
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.275	1.275
4] (Accumulated Losses)		[35.687]	[32.768]
NETWORTH		15.587	18.506
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		15.587	18.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.050	10.710
Capital work-in-progress		0.000	0.000
INVESTMENT		0.807	0.807
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.490	15.172
	Sundry Debtors	28.919	33.810
	Cash & Bank Balances	0.918	0.885
	Other Current Assets	0.000	0.000
	Loans & Advances	7.735	6.145
Total Current Assets		53.062	56.012
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.132	48.813
	Other Current Liabilities	0.000	0.000
	Provisions	0.200	0.210
Total Current Liabilities		49.332	49.023
Net Current Assets		3.730	6.989
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		15.587	18.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	1.044	0.696
		Other Income	0.201
		TOTAL	1.245	0.696
Less	EXPENSES
		Manufacturing and Other Expenses	4.856	4.359
		Finished Stock Differential/ Decrease	(0.833)	0.120
		TOTAL	4.023	4.479
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.778)	(3.783)
Less/ Add	DEPRECIATION/ AMORTISATION		0.175	0.075
	PROFIT/ LOSS BEFORE TAX		(2.953)	(3.858)
Add/ Less	ADJUSTMENT RELATING TO PRIOR YEARS		0.035	0.011
	PROFIT/ LOSS AFTER TAX		(2.918)	(3.847)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(37.908)	(34.061)
	BALANCE CARRIED TO THE B/S		(40.826)	(37.908)
	Earnings Per Share (Rs.)		--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(234.38)	(552.73)
Net Profit Margin (PBT/Sales)	(%)	(282.85)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.61)	(5.78)
Return on Investment (ROI) (PBT/Networth)		(0.19)	(0.21)
Debt Equity Ratio (Total Liability/Networth)		3.16	2.65
Current Ratio (Current Asset/Current Liability)		1.08	1.14

LOCAL AGENCY FURTHER INFORMATION

Prospects:

The company has been referred to the Board for Industrial And Financial Reconstruction (BIFR) and Rehabilitation Scheme jointly prepared with Central Bank of India, the Operating Agency, had been approved by the Board in March 1994. As per the sanctioned scheme, the company had paid all dues to bank and financial institutions which amount was met by the contributions from Promoters and sale of Current Assets and internal generation.

Contingent Liabilities:

(Rs. In Millions)

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Claims against the company not acknowledged as debt	7.210	6.868
Sales tax demands in respect of which appeals have been filed	3.750	3.850
Excise duty demands in respect of which appeals have been filed	1.607	1.607
Amounts payable on account of electricity charges in relation to which appeals have been filed	0.254	0.254
ESIC demand in respect of which appeal has been filed	0.172	0.172

Fixed Assets:

· Freehold Land

· Leasehold Land

· Roads

· Factory Buildings

· Administrative Buildings

· Workshop Machinery

· Plant and Machinery

· Factory Electric Installation

· Furniture and Fixture

· Vehicles

· Library

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 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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

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.