MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	WALZEN STRIPS PRIVATE LIMITED
Registered Office :	P-250, C.I.T. Road Scheme VI (M), Kolkata – 700054, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.12.1989
Com. Reg. No.:	048023
Capital Investment / Paid-up Capital :	Rs.47.716 Millions
CIN No.: [Company Identification No.]	U27209WB1989PTC048023
TAN No.: [Tax Deduction & Collection Account No.]	CALW01994G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel Strips
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 405196
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred a loss in the current year. However, 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/Corporate Office/ factory :	Lyka House, P-250, C.I.T. Road, Scheme VI (M), Kolkata – 700054, West Bengal, India
Tel. No.:	91-33-23201386, 23209161, 23204760
Fax No.:	91-33-23209559
E-Mail :	abhijittd@walzenindia.com
Website :	www.walzenindia.com

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Tejomoy Roychowdhury
Designation :	Chairman Cum Director
Address :	CE-214, Salt Lake, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	01.01.1944
Date of Appointment :	15.09.1994

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	U25209WB1992PTC055437	EASTERN MICROPOR PRIVATE LIMITED	Director	22/02/1993	22/02/1993	-	Active	NO
2	U27209WB1989PTC048023	WALZEN STRIPS PRIVATE LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
3	U27109WB1996PTC079844	WALZEN STEEL INDIA PRIVATE LIMITED	Director	28/05/1996	28/05/1996	-	Active	NO
4	U27109WB1995PTC076202	LYKA STEEL STRIPS PVT LTD	Director	04/01/1999	04/01/1999	-	Active	NO
5	U51909WB1995PTC067401	JAWAKUSUM COMMOTRADE PVT.LTD.	Director	08/03/2001	08/03/2001	-	Active	NO
6	U91110WB1940NPL010249	BENGAL NATIONAL CHAMBER OF COMMERCE & INDUSTRY	Director	29/09/2004	29/09/2004	-	Active	NO
7	U72200WB2000PTC092175	TRANSLAND TECHNOLOGIES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	15/02/2008	Active	NO
8	U51109WB1997PTC084983	TEKRIWAL SALES PRIVATE LIMITED	Director	06/12/2006	06/12/2006	-	Active	NO
9	U29255WB2010PTC152874	ITIPACK WALZEN STEEL STRAPPING SYSTEMS PRIVATE LIMITED	Nominee director	08/09/2010	08/09/2010	-	Active	NO

Name :	Mr. Dipak Bandopadhyay
Designation :	Whole Time Director
Address :	1D, Ruby Park, Housing Society, Kolkata – 700078, West Bengal, India
Date of Birth/Age :	14.09.1947
Date of Appointment :	15.09.1994

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	U27101WB1981PTC033461	PRECISION STRIPS PVT LTD	Director	14/09/1981	14/09/1981	-	Active	NO
2	U27209WB1989PTC048023	WALZEN STRIPS PRIVATE LIMITED	Whole-time director	15/09/1994	15/09/1994	12/12/2011	Active	NO
3	U27109WB1996PTC079844	WALZEN STEEL INDIA PRIVATE LIMITED	Director	01/10/2003	01/10/2003	12/12/2011	Active	NO
4	U29255WB2010PTC152874	ITIPACK WALZEN STEEL STRAPPING SYSTEMS PRIVATE LIMITED	Nominee director	08/09/2010	08/09/2010	-	Active	NO

Name :	Mr. Joydeep Roychowdhury
Designation :	Director
Address :	CE-214, Salt Lake, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	08.10.1975
Date of Appointment :	29.09.2007

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	U27109WB1995PTC076202	LYKA STEEL STRIPS PVT LTD	Director	28/12/1995	28/12/1995	-	Active	NO
2	U72200WB2000PTC092175	TRANSLAND TECHNOLOGIES PRIVATE LIMITED	Director	28/07/2000	28/07/2000	15/02/2008	Active	NO
3	U25209WB1992PTC055437	EASTERN MICROPOR PRIVATE LIMITED	Director	01/06/2008	01/10/2002	-	Active	NO
4	U27109WB1996PTC079844	WALZEN STEEL INDIA PRIVATE LIMITED	Whole-time director	14/07/2008	01/10/2003	-	Active	NO
5	U51909WB1995PTC067401	JAWAKUSUM COMMOTRADE PVT.LTD.	Director	01/10/2005	01/10/2005	-	Active	NO
6	U27209WB1989PTC048023	WALZEN STRIPS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	-	Active	NO

Name :	Mr. Indradeep Roychowdhury
Designation :	Director
Address :	CE-214, Salt Lake, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	18.12.1980
Date of Appointment :	01.10.2005

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	U25209WB1992PTC055437	EASTERN MICROPOR PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
2	U27109WB1996PTC079844	WALZEN STEEL INDIA PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
3	U51909WB1995PTC067401	JAWAKUSUM COMMOTRADE PVT.LTD.	Director	01/10/2004	01/10/2004	-	Active	NO
4	U27209WB1989PTC048023	WALZEN STRIPS PRIVATE LIMITED	Whole-time director	01/10/2005	01/10/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Shareholder's Name	No. of shares
Manjii Roychowdhury	15353
Dipak Bandopadhyay	10
Sudhir Guha	360
Partha Banerjee	650
Tapan Ghatak	150
Sujit Bagchi	650
Abhijit Dutta	600
Swap an De	433
Kamalesh Saha	100
Paochkourie Chakraboity	100
Robin Sarkar	500
Industrial Development Bank of India, Mumbai	100000
Tejomoy Roychowdhury	68212
Snaktk Fin vest Private Limited, Kolkata	3333
Gupta Holding Private Limited, Kolkata	3333
Alps Sales Private Limited, Kolkata	51500
Rodrifues Impex Private Limited, Kolkata	16000
Bonn Suppliers Private Limited, Kolkata	39OO0
Vinny Consiillanls and Holdings Private Limited, Kolkata	22000
Indradeep Roychowdhury	61715
Budapest Traders Private Limited, Kolkata	28500
Balkash Exim Private Limited, Kolkata	30000
Crawford Marketing Private Limited, Kolkata	30000
Shrcyansh Mercantile Private Limited, Kolkata	4666
Total	477165

AS ON 29.09.2011

Category	Percentage
Public Financial Companies	20.96
Bodies corporate	47.85
Directors or relatives of Directors	30.57
Others	0.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Strips

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
C R Strips	MT	15500	15500	1162.2200
High Tensile Steel Strips	MT	11000	11000	5425.0110
Hardened and Tempered Strips	MT	2700	2700	1326.1660
Steels	MT	NA	NA	85.545
Stilling Scrap	MT	NA	NA	603.3500

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
A. Term Loan from WBTOC Secured by way of first charge on Freehold and Leasehold land and build Mes constructed tlicrcon and the whole of the movable properties of the Company including movable plant and machinery, spares, tools. and accessories and other movables both present and Future whether Installed or not or King loose or Stored or lobe brought into the Company and by the way of First Chanson company's stock of raw materials, semi-finishedGoods, finished goods consumable stores and spares and book debt and personal guarantee of Directors) (change vacated during the year on liquidation of loan) B. FROM UNITED BANK OF INDIA Secured by way of first charge on Freehold and Leasehold land and buildings constructed thereon and the whole of the movable properties of the Company including movable plant and machinery, spares, tools and both present and future whether install fed or not or lying; loose at Stored or to be brought into the Company and by wav of first Charge on company's stock of raw materials, semi-finished Goods, finished goods, consumable stores and spares and book Debts and personal Guarantee or Directors C. OTHERS (Secured against hypothecation of Vehicles and Generator)	0.000 175.883 2.983	3.112 174.706 0.352
TOTAL	178.867	178.170
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From companies	5.379	5.636
TOTAL	5.379	5.636

Banking Relations :	--
Auditors :
Name :	V M Lodha and Company Chartered Accountant
Address :	7 Surat Bose Road, Kolkata – 700020, West Bengal, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
477165	Equity Shares	Rs. 10/- each	Rs. 47.716 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		47.716	47.716	47.716
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.583	59.023	45.890
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		101.299	106.739	93.606
LOAN FUNDS
1] Secured Loans		178.867	178.170	161.728
2] Unsecured Loans		5.379	5.636	7.129
TOTAL BORROWING		184.246	183.806	168.857
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		285.545	290.545	262.463
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.770	31.585	38.506
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.229	2.028	0.971
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.299	151.679	164.168
	Sundry Debtors	119.884	115.207	124.084
	Cash & Bank Balances	6.693	7.051	7.303
	Other Current Assets	0.000	15.534	0.000
	Loans & Advances	50.367	13.553	37.425
Total Current Assets		403.243	332.980	303.024
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	128.071	64.142	52.024
	Other Current Liabilities	22.626	13.146	13.922
	Provisions	0.000	2.750	10.102
Total Current Liabilities		150.697	76.048	80.038
Net Current Assets		252.546	256.932	222.986
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		285.545	290.545	262.463

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL (A)	586.110	533.158	588.195
Less	EXPENSES
		TOTAL (B)	592.030	513.482	570.479
	PROFIT/ (LOSS) BEFORE TAX		(5.920)	19.676	17.716
Less	TAX		(0.480)	6.543	1.954
	PROFIT AFTER TAX		(5.440)	13.133	15.762
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.895	15.762	NA
	BALANCE CARRIED TO THE B/S		23.455	28.895	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72.345	91.799	NA
	TOTAL EARNINGS		72.345	91.799	NA
	IMPORTS
		Raw Materials	NA	1.000	NA
		Capital Goods	NA	0.129	NA
	TOTAL IMPORTS		NA	1.129	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.93)	2.46	2.68
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.37)	4.54	3.01
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.18	0.19
Debt Equity Ratio (Total Liability/Networth)		3.31	2.43	2.66
Current Ratio (Current Asset/Current Liability)		2.68	0.43	3.78

LOCAL AGENCY FURTHER INFORMATION

NA

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.49.68
UK Pound	1	Rs.78.07
Euro	1	Rs.65.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
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.