MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	INTEGRATED EQUIPMENT (INDIA) PRIVATE LIMITED
Registered Office :	Gat No.309/2 and 309/3, Kandhapuri Nagar Road, Tal Shirur-412209, Kondhapuri, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.2005
Com. Reg. No.:	11-135950
Capital Investment / Paid-up Capital :	Rs. 31.100 Millions
CIN No.: [Company Identification No.]	U28100PN2005PTC135950
IEC No.:	0306009455
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02870A
PAN No.: [Permanent Account No.]	AAACW6150A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacture and Sale of Pipe Fittings and Pressure Control Equipment used in the Oil and Gas Industry.
No. of Employees :	200 (Approximately) (In Office-90 and In Factory-110)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ratnakar Deshpande
Designation :	Finance Controller
Contact No.:	91-9822015183
Date :	08.08.2012

LOCATIONS

Registered Office/ Factory :	Gat No.309/2 and 309/3, Kandhapuri Nagar Road, Tal Shirur-412209, Kondhapuri, Maharashtra, India
Tel. No.:	91-2137-618888 91-22-26461583
Mobile No.:	91-9822015183 (Mr. Ratnakar Deshpande)
Fax No.:	91-2137-618889 91-22-26040742
E-Mail :	brij86@hotmail.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Brij Mohanlal Rawelchand Sharma
Designation :	Director
Address :	17/6-A, Chakrata Road, Dehradun-248001, Uttarakhand, India
Date of Birth/Age :	10.01.1936
Date of Appointment :	14.11.2005
Pan No.:	ARKPS0675C
Din No.:	00069279
Name :	Mrs. Saroj Brij Mohanlal Sharma
Designation :	Director
Address :	17/6-A, Chakrata Road, Dehradun-248001, Uttarakhand, India
Date of Birth/Age :	15.01.1938
Date of Appointment :	14.11.2005
Pan No.:	ABEPS5632H
Din No.:	00069386

KEY EXECUTIVES

Name :	Mr. Ratnakar Deshpande
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
WSI International Holdings, S.A., Panama, United State of America	3109999
Brij Mohanlal Rawelchand Sharma	1
TOTAL	3110000

AS ON 30.09.2011

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]	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacture and Sale of Pipe Fittings and Pressure Control Equipment used in the Oil and Gas Industry.

Products :

PRODUCT DESCRIPTION	ITEM CODE
PET Performa	3296.9

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity *	Actual Production
Pulsation Dampeners, Blow-out Preventers, Tubing Hangers, Tree Caps, Valves, Flanges, etc.	Nos.	175000	150000	14438

NOTE: * The installed capacity disclosed above is as per certificate from management which has been relied upon by the auditors without verification.

GENERAL INFORMATION

No. of Employees :

200 (Approximately) (In Office-90 and In Factory-110)

Bankers :

State Bank of India, Industrial Finance Branch, Kasarwadi, Pimpri, Pune-411034, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term loans from bank (includes interest accrued and due Rs.1.497 Million) (Amount repayable within 1 year Rs. 28.627 Millions)	115.589	77.325
Working capital facilities (Secured by way of hypothecation of stock, book debts, and moveable fixed assets, equitable mortgage on factory land and building, lien on term deposit receipt (partly paid by a related entity), corporate guarantee from a body corporate, and personal guarantees of the directors)	53.939	27.452
TOTAL	169.528	104.777
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From bodies corporate	9.500	9.500
TOTAL	9.500	9.500

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Mutha Towers, 5^th Floor, Suit No. 8, Airport Road, Pune-411030, Maharashtra, India
Mobile No.:	91-9325533111
Pan No.:	AAEFP5579P
Holding Company :	WSI International Holdings, S.A., Panama, United State of America
Related Parties :	· WSI Services Inc. US · Integrated Equipment Inc. US · Brij Associates Consultants (India) Private Limited · Integrated Equipment (Singapore) Pte. Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3110000	Equity Shares	Rs.10/- each	Rs. 31.100 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		31.100	31.100	31.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45.103	36.753	29.686
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.203	67.853	60.786
LOAN FUNDS
1] Secured Loans		169.528	104.777	55.265
2] Unsecured Loans		9.500	9.500	16.806
TOTAL BORROWING		179.028	114.277	72.071
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		255.231	182.130	132.857
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		148.651	125.759	62.077
Capital work-in-progress		15.821	8.128	6.196
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.309	0.211	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.230	24.542	40.864
	Sundry Debtors	46.377	24.664	41.965
	Cash & Bank Balances	22.069	8.565	16.283
	Other Current Assets	0.542	8.735	0.619
	Loans & Advances	33.160	19.314	13.220
Total Current Assets		166.378	85.820	112.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.056	33.380	40.303
	Other Current Liabilities	0.820	3.702	7.901
	Provisions	1.052	0.706	0.164
Total Current Liabilities		76.928	37.788	48.368
Net Current Assets		89.450	48.032	64.584
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		255.231	182.130	132.857

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	166.892	103.759	173.472
		Other Income	7.056	3.133	6.286
		TOTAL	173.948	106.892	179.758
Less	EXPENSES
		Manufacturing and Other Expenses	124.008	80.416	137.628
		Prior Period Expenses	0.000	0.000	0.494
		TOTAL	124.008	80.416	138.122
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		49.940	26.476	41.636
Less	FINANCIAL EXPENSES		21.127	9.524	9.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.813	16.952	32.490
Less/ Add	DEPRECIATION/ AMORTISATION		19.736	9.591	8.347
	PROFIT / (LOSS) BEFORE TAX		9.077	7.361	24.143
Less	TAX		0.727	0.294	0.564
	PROFIT / (LOSS) AFTER TAX		8.350	7.067	23.579
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.753	29.686	6.107
	BALANCE CARRIED TO THE B/S		45.103	36.753	29.686
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	137.320	78.797	157.466
	IMPORTS
		Raw Materials	18.736	2.172	11.705
		Capital Goods	6.988	0.150	0.744
	TOTAL IMPORTS		25.724	2.322	12.449
	Earnings / (Loss) Per Share (Rs.)		2.69	2.27	7.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.80	6.61	13.12
Net Profit Margin (PBT/Sales)	(%)	5.44	7.09	13.92
Return on Total Assets (PBT/Total Assets}	(%)	2.88	3.48	13.79
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.40
Debt Equity Ratio (Total Liability/Networth)		3.36	2.24	1.98
Current Ratio (Current Asset/Current Liability)		2.16	2.27	2.33

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Due to others	75.056	33.380	40.303
Total	75.056	33.380	40.303

NOTE:

The registered office of the company has been shifted from B-1, Prim Sagar, 21^st Road, TSP III, Bandra (West), Mumbai-400050, Maharashtra, India to the present address w.e.f. 29.03.2010.

COMPANY OVERVIEW:

Subject, incorporated in 2005 as Well Site International Services (India) Private Limited, is a subsidiary of WSI Holdings S.A. Panama. The Company is primarily engaged in the manufacture and sale of pipe fittings and pressure control equipment used in the oil and gas industry.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U28100PN2005PTC135950
Name of the company	INTEGRATED EQUIPMENT (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.309/2 and 309/3, Kandhapuri Nagar Road, Tal Shirur-412209, Kondhapuri, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Industrial Finance Branch, Kasarwadi, Pimpri, Pune-411034, Maharashtra, India
Email	pm.dungarwal@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1) Loan-Cum-Hypothecation Agreement 2) Arrangement Letter (Both the documents executed for creation of a single charge)
Date of instrument Creating the charge	03.12.2011
Amount secured by the charge	Rs.1.450 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI: @ 1.25% above SBAR, Present Base Rate 10% p.a., Present Effective Rate 11.25% p.a. or the rate as may be prescribed by the Bank from time to time. Terms of Repayment Repayment in equated monthly installment of Rs.0.031 Million each commencing from the month of January 2012. Margin 20.06% Extent and Operation of the charge Facility - Vehicle Loan. Exclusive charge of State Bank of India, IFB, Pimpri, Pune. The charge on hypothecated property continues till full repayment of Loan.
Short particulars of the property charged	Hypothecation of Car - Chevrolet Cruze 2.0 LTZ AT

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Data Processing Equipment

· 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.55.70
UK Pound	1	Rs.87.54
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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		43

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.