1. Summary Information

		Country	India
Company Name	WESTWAY ELECTRONICS LIMITED	Principal Name 1	Mr. Rajinder Maini
Status	Satisfactory	Principal Name 2	Mr. Sumit Maini
		Registration #	55-061330
Street Address	C-189, Naraina Industrial Area, Phase-I, New Delhi – 110028, India
Established Date	07.09.1994	SIC Code	--
Telephone#	91-11-45035222	Business Style 1	Designing
Fax #	91-11-41411110	Business Style 2	Developing
Homepage	http://www.westwayelectronics.com	Product Name 1	LED
# of employees	Not Available	Product Name 2	LCD
Paid up capital	Rs. 6000000/-	Product Name 3	TV
Shareholders	Directors or relatives of directors – 100%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	A N A Fashions Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	67,583,000	Current Liabilities	51,593,000
Inventories	39,984,000	Long-term Liabilities	93,235,000
Fixed Assets	74,259,000	Other Liabilities	6,662,000
Deferred Assets	0	Total Liabilities	151,490,000
Invest& other Assets	1,800,000	Retained Earnings	18,136,000
		Net Worth	32,136,000
Total Assets	183,626,000	Total Liab. & Equity	183,626,000
Total Assets (Previous Year)	146,312,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	158,858,000	Net Profit	2,357,000
Sales(Previous yr)	251,094,000	Net Profit(Prev.yr)	3,939,000

MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	WESTWAY ELECTRONICS LIMITED
Registered Office :	C-189, Naraina Industrial Area, Phase-I, New Delhi – 110028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.09.1994
Com. Reg. No.:	55-061330
Capital Investment / Paid-up Capital :	Rs. 6.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC061330
TAN No.: [Tax Deduction & Collection Account No.]	DELW01239A
PAN No.: [Permanent Account No.]	AAACW0720C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designing, Developing, Manufacturing and Marketing of LED/ LCD, TV, LCD Monitors and DVD Players.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 (30.09.2011)	Current Rating (31.12.2011)
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 :	C-189, Naraina Industrial Area, Phase-I, New Delhi – 110028, India
Tel. No.:	91-11-45035222
Fax No.:	91-11-41411110
E-Mail :	updacs@yahoo.co.in info@westwayelectronics.com
Website :	http://www.westwayelectronics.com

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Rajinder Maini

Designation :

Director

Address :

B-12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

29.08.2001

DIN No.:

01367927

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101DL2000PTC108444	ESKON EXPORTS PRIVATE LIMITED	Director	08/12/2000	08/12/2000	-	Active	NO
2	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	29/08/2001	29/08/2001	-	Active	NO
3	U85110DL2003PTC123280	BROADWAY HOSPITALITY SERVICES PRIVATE LIMITED	Director	11/01/2006	11/01/2006	04/11/2010	Active	NO
4	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	15/03/2012	Active	NO
5	U32109DL2009PTC187183	VTRONIX INFOTECH PRIVATE LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Sumit Maini

Designation :

Director

Address :

B-12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

28.04.1976

Date of Appointment :

01.03.2005

DIN No.:

01368100

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101DL2000PTC108444	ESKON EXPORTS PRIVATE LIMITED	Director	08/12/2000	08/12/2000	-	Active	NO
2	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	01/03/2005	01/03/2005	-	Active	NO
3	U32109DL2009PTC187183	VTRONIX INFOTECH PRIVATE LIMITED	Director	03/02/2009	03/02/2009	20/03/2010	Active	NO
4	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	14/03/2012	Active	NO

Name :

Mr. Amit Maini

Designation :

Director

Address :

B-12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

21.11.1983

Date of Appointment :

01.03.2005

DIN No.:

01618958

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	01/03/2005	01/03/2005	-	Active	NO
2	U32109DL2009PTC187183	VTRONIX INFOTECH PRIVATE LIMITED	Additional director	01/04/2011	03/02/2009	-	Active	NO
3	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Director	16/12/2010	16/12/2010	01/03/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
R.L. Juneja S/o L.R. Juneja	10
Sumit Maini S/o Rajender Maini	279950
Sushma Maini W/o Rajender Maini	50010
Amit Maini S/o Rajender Maini	270000
Shibani Maini W/o Sumit Maini	10
Suchita Maini D/o Rajender Maini	10
Surinder Pal Singh S/o Surjit Singh	10
Total	600000

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing, Developing, Manufacturing and Marketing of LED/ LCD, TV, LCD Monitors and DVD Players.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

v Standard Chartered Bank

v Punjab National Bank, Narain Vihar, New Delhi – 110028, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC Bank Limited	6.428	6.240
HDFC Car Loan	0.992	1.984
Buyers Credit (Foreign Currency)	4.676	5.155
Standard Chartered Bank-Term Loan	34.841	36.999
LC Discounting	5.898	0.000
Total	52.835	50.378
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rajinder Maini	27.100	0.000
Sushma Maini	3.000	0.000
Sumit Maini	3.300	0.000
Amit Maini	7.000	0.300
Total	40.400	0.300

Banking Relations :	--
Auditors :
Name :	N. K. Nagpaul and Company Chartered Accountants
Address :	M-15 and 22, Balrama House, Karampura Comm. Complex, New Delhi – 110015, India
Tel. No.:	91-11-30120249/ 25920249
Income-tax PAN of auditor or auditor's firm :	AAFPN8928N
Subsidiary :	A N A Fashions Private Limited CIN No.: U18101DL2004PTC130551

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

CONSOLIDATED ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.000	6.000	5.000
2] Share Premium Account		8.000	8.000	4.000
3] Reserves & Surplus		18.136	16.814	14.974
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.136	30.814	23.974
LOAN FUNDS
1] Secured Loans		52.835	50.378	38.752
2] Unsecured Loans		40.400	0.300	2.880
TOTAL BORROWING		93.235	50.678	41.632
DEFERRED TAX LIABILITIES		6.662	5.626	3.527
TOTAL		132.033	87.118	69.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.259	76.350	65.332
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.800	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.984	18.689	16.941
	Sundry Debtors	24.691	12.438	4.742
	Cash & Bank Balances	2.196	2.439	1.522
	Other Current Assets	0.000	0.040	0.002
	Loans & Advances	40.696	36.356	26.589
Total Current Assets		107.567	69.962	49.794
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	51.593	59.194	45.993
	Provisions	0.000	0.000	0.000
Total Current Liabilities		51.593	59.194	45.993
Net Current Assets		55.974	10.768	3.801
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		132.033	87.118	69.133

CONSOLIDATED PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	158.858	251.094	243.085
		Other Income	3.805	3.151	0.853
		TOTAL (A)	162.663	254.245	243.938
Less	EXPENSES
		Raw Material Consumed	131.083	209.384	209.536
		Manufacturing Expenses	9.338	15.600	13.367
		Personnel Expenses	7.916	6.015	5.109
		Administrative and Selling Expenses	6.006	6.846	4.718
		Difference in stock	(4.101)	1.712	(0.070)
		TOTAL (B)	150.242	239.557	232.660
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.421	14.688	11.278
Less	FINANCIAL EXPENSES (D)		5.640	5.192	3.785
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.781	9.496	7.493
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.404	4.035	2.473
	PROFIT BEFORE TAX (E-F) (G)		2.377	5.461	5.020
Less	TAX (H)		0.020	1.522	0.619
	PROFIT AFTER TAX (G-H) (I)		2.357	3.939	4.401
	BALANCE CARRIED TO THE B/S		2.357	3.939	4.401
	Earnings Per Share (Rs.)		3.93	6.57	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.45	1.55	0.02
Net Profit Margin (PBT/Sales)	(%)	1.50	2.17	2.07
Return on Total Assets (PBT/Total Assets}	(%)	1.31	3.73	4.36
Return on Investment (ROI) (PBT/Networth)		0.07	0.18	0.21
Debt Equity Ratio (Total Liability/Networth)		4.51	3.57	3.66
Current Ratio (Current Asset/Current Liability)		2.08	1.18	1.08

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
9. Name of person contacted	No
10. Designation of contact person	No
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	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

FINANCIAL RESULTS:

During the year under report the company has achieved a sales turnover of Rs. 158.800 Millions as compared to Rs. 251.100 Millions in the previous year and has earned a net profit of Rs. 2.377 Millions as compared to Rs. 5.461 Millions in the previous year. The decrease in turnover and its effect on the net profit was due to restriction on import and economic slowdown in the economy. The directors hope to achieve better turnover during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1994PLC061330
Name of the company	WESTWAY ELECTRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	C-189 Naraina Industrial Area, Phase-I, New Delhi – 110028, India
This form is for	Modification of charge
Charge identification number of the modified	80000492
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India Email LD: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	31.01.2012
Amount secured by the charge	Rs. 44.972 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks and Book Debts etc, as a continuing security as mentioned in Column No.15 below to secure for the repayment of Rs.44.972 Millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank. Others NIL
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of latest modification prior to the present modification	17.12.2010
Particulars of the present modification	The Charge shall now stand increased from Rs.25.472 Millions to Rs.44.972 Millions against the security of Stocks and Book Debts of the Company.

FIXED ASSETS:

v Plant and Machinery

v Car

v Furniture and Fixtures

v Mobile Phones

v Computers

v Land

v Building

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. 55.03
UK Pound	1	Rs. 85.93
Euro	1	Rs. 68.97

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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

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.