MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	WEBFIL LIMITED (w.e.f. 18.03.1988)
Formerly Known As :	WEST BENGAL FILAMENTS AND LAMPS LIMITED
Registered Office :	Yule House, 8 Dr. Rajendra Prasad Sarani, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.1979
Com. Reg. No.:	21-032046
Capital Investment / Paid-up Capital :	Rs.105.765 Millions
CIN No.: [Company Identification No.]	L36900WB1979PLC032046
PAN No.: [Permanent Account No.]	AAACW2651G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Lights Lighting Products and Communication Equipments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealing on a 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 – 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 :	Yule House, 8 Dr. Rajendra Prasad Sarani, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22428210/ 2102/ 8550
Fax No.:	91-33-22421335/ 22428550
E-Mail :	webfil@dataone.in webfil@webfilndia.com soumen.das@tilindia.com
Website :	http://www.webfilndia.com
Factory :	P.O. Gayespur, Kalyani – 741234, West Bengal, India
Tel. No.:	91-33-25898331/ 7178/ 7179
Fax No.:	91-33-25898833

DIRECTORS

(AS ON 28.09.2011)

Name :

Mr. Sujit Chakravorti

Designation :

Director

Address :

Romola Villa, Flat –A3, 17/7, James Long Sarani, Kolkata – 700034, West Bengal, India

Date of Birth/Age :

13.09.1943

Date of Appointment :

29.06.2006

DIN No.:

00066344

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	L63022WB1954PLC021638	DEEPAK INDUSTRIES LTD	Director	03/05/2008	22/11/2000	-	Active	NO
2	L27202GJ1962PLC040548	JHAGADIA COPPER LIMITED	Nominee director	22/11/2000	22/11/2000	26/09/2007	Active	NO
3	L74140WB1996PLC081521	SHALIMAR WIRES INDUSTRIES LIMITED	Nominee director	03/08/2001	03/08/2001	26/09/2007	Active	NO
4	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LTD	Director	27/09/2002	27/09/2002	-	Active	NO
5	L20211AS1982PLC001969	KITPLY INDUSTRIES LIMITED	Director	29/06/2004	29/06/2004	-	Active	NO
6	L36900WB1979PLC032046	WEBFIL LTD	Director	29/06/2006	29/06/2006	-	Active	NO
7	U29262WB1986PTC040209	PARCON (INDIA) PVT LTD	Additional director	09/07/2007	09/07/2007	-	Active	NO
8	U40101ML1976GOI001658	NORTH EASTERN ELECTRIC POWER CORPN LTD	Director	20/02/2008	20/02/2008	19/02/2011	Active	NO
9	U85195WB1976SGC030823	INFUSIONS (INDIA) LTD	Director	01/08/2011	01/08/2011	-	Active	NO

Name :

Mr. Indrajit Sengupta

Designation :

Director

Address :

Block- III, Flat No.6, Anandam Housing Complex, 7 Mall Road, Kolkata – 700080, West Bengal, India

Date of Birth/Age :

28.06.1952

Date of Appointment :

27.12.2007

DIN No.:

00167910

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	U23109WB1900PLC000020	BENGAL COAL CO LTD	Director	30/06/2005	30/06/2005	-	Active	NO
2	U01122WB1995PLC071142	YULE AGRO INDUSTRIES LIMITED	Director	28/09/2007	30/06/2005	-	Active	NO
3	U10200WB1873PLC000262	THE NEW BEERBHOOM COAL CO LTD	Director	30/06/2005	30/06/2005	-	Active	NO
4	L63090WB1919GOI003229	ANDREW YULE & CO LTD	Whole-time director	27/06/2006	27/06/2006	-	Active	NO
5	L23209WB1921PLC004357	TIDE WATER OIL CO INDIA LTD	Director	28/08/2007	15/02/2007	-	Active	NO
6	U22219WB1922SGC004390	HOOGHLY PRINTING CO LTD	Director	10/09/2007	20/03/2007	13/08/2010	Active	NO
7	U29299WB2007PLC118032	YULE ENGINEERING LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
8	U40101WB2007PLC118031	YULE ELECTRICAL LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
9	L36900WB1979PLC032046	WEBFIL LTD	Director	27/12/2007	27/12/2007	-	Active	NO
10	U10200WB1893PLC000769	KATRAS JHERRIAH COAL CO LTD	Director	22/09/2009	20/10/2008	-	Active	NO

Name :

Mr. Kallol Datta

Designation :

Director

Address :

63, Minto Park, Syndicate 13, D L Khan Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

10.03.1953

Date of Appointment :

12.03.2007

DIN No.:

00172325

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	U01122WB1995PLC071142	YULE AGRO INDUSTRIES LIMITED	Director	29/12/2000	29/12/2000	-	Active	NO
2	U22219WB1922SGC004390	HOOGHLY PRINTING CO LTD	Director	19/04/2002	19/04/2002	-	Active	NO
3	U23109WB1900PLC000020	BENGAL COAL CO LTD	Director	24/09/2008	18/06/2002	-	Active	NO
4	U63021AS1928PTC000355	THE GOHAIN BORBORA TEA COMPANY PRIVATE LIMITED	Director	09/09/2003	09/09/2003	06/03/2009	Active	NO
5	L23209WB1921PLC004357	TIDE WATER OIL CO INDIA LTD	Director	23/07/2004	23/07/2004	-	Active	NO
6	U45204WB2006SGC109325	NEW TOWN TELECOM INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
7	L36900WB1979PLC032046	WEBFIL LTD	Director	28/09/2007	12/03/2007	-	Active	NO
8	L63090WB1919GOI003229	ANDREW YULE & CO LTD	Managing director	02/07/2007	02/07/2007	-	Active	NO
9	U24134WB1998PTC087713	PHOENIX CONVEYOR BELT INDIA PRIVATE LIMITED	Nominee director	08/08/2007	08/08/2007	10/12/2009	Active	NO
10	U29299WB2007PLC118032	YULE ENGINEERING LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
11	U40101WB2007PLC118031	YULE ELECTRICAL LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
12	U28112WB1986GOI041286	BHARAT BHARI UDYOG NIGAM LTD	Managing director	01/11/2007	01/11/2007	04/08/2008	Active	NO
13	U45201BR1978GOI001373	BHARAT WAGON AND ENGINEERING CORPORATION LIMITED	Director	21/11/2007	21/11/2007	04/08/2008	Active	NO
14	U21503WB1987GOI008187	THE BRAITHWAITE BURN & JESSOP CONSTRUCTION CO LTD	Director	21/11/2007	21/11/2007	27/08/2008	Active	NO
15	U51909WB1976GOI030797	BURN STANDARD CO LTD	Director	21/11/2007	21/11/2007	04/08/2008	Active	NO
16	U74210WB1976GOI030798	BRAITHWAITE & CO LTD	Director	21/11/2007	21/11/2007	04/08/2008	Active	NO
17	U10200WB1873PLC000262	THE NEW BEERBHOOM COAL CO LTD	Director	04/08/2008	04/08/2008	-	Active	NO
18	U10200WB1893PLC000769	KATRAS JHERRIAH COAL CO LTD	Director	04/08/2008	04/08/2008	-	Active	NO
19	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	16/11/2009	16/11/2009	-	Active	NO
20	U85300WB1909GAP001941	TOLLYGUNGE CLUB LTD.	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Jayanta Ray

Designation :

Director

Address :

238-B, Acharya Jagadish Chandra Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

09.05.1935

Date of Appointment :

01.07.1982

DIN No.:

00175341

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	L36900WB1979PLC032046	WEBFIL LTD	Director	01/07/1982	01/07/1982	-	Active	NO
2	U74940WB1983PTC035761	PRECISION LITHOGRAPHERS PVT LTD	Director	20/08/1984	20/08/1984	-	Active	NO
3	U45400WB1983PTC035752	CENTRE POINT ESTATES PVT LTD	Director	29/05/1985	29/05/1985	-	Active	NO
4	U31909WB1994PTC065272	DEBIND CONTROLS & SYSTEMS PVT LTD	Director	26/09/1994	26/09/1994	20/01/2010	Strike off	NO
5	U51909WB2002PTC094958	A ONE PAPERS MARKETING PRIVATE LIMITED	Director	03/09/2004	03/09/2004	-	Active	NO
6	U40108DL2004PTC130847	ENFRAGY SOLUTIONS INDIA PRIVATE LIMITED	Director	08/12/2004	08/12/2004	19/01/2010	Active	NO
7	U45204WB2006SGC109325	NEW TOWN TELECOM INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
8	U45203WB2006PLC111364	BENGAL MULTIPLE HOUSING DEVELOPMENT LIMITED	Director	27/07/2011	31/01/2007	-	Active	NO
9	U21012WB1996PLC082051	INDO CANADIAN PAPERS LIMITED	Director	30/09/2009	18/05/2009	19/10/2010	Active	YES
10	U72200WB2006PTC110045	PEOPLECONNECT SOLUTIONS PRIVATE LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO

Name :

Mr. Asoke Kumar Dutt

Designation :

Director

Address :

Flat No.1A, 2 Palm Place, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

22.10.1939

Date of Appointment :

29.06.2006

DIN No.:

00488865

Name :

Mr. Soumen Hiren Das

Designation :

Additional Director

Address :

391/37, Prince Anwar Shah Road, Kolkata – 700068, West Bengal, India

Date of Birth/Age :

30.10.1957

Date of Appointment :

04.03.2011

DIN No.:

01833471

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	U74140WB1986PTC040313	TIL INTERNATIONAL PVT LTD	Additional director	22/10/2007	22/10/2007	30/07/2011	Active	NO
2	U29150WB1995PLC072500	CRANES & EQUIPMENTS INDIA LTD	Additional director	22/10/2007	22/10/2007	30/07/2011	Active	NO
3	U74140WB1986PTC040312	SPUNDISH ENGINEERS & CREDIT PRIVATE LIMITED	Additional director	22/10/2007	22/10/2007	30/07/2011	Active	NO
4	U65993WB1986PTC040311	TIL FINANCE PVT LTD	Additional director	22/10/2007	22/10/2007	30/07/2011	Active	NO
5	U65921WB1995PLC071510	SUMMIT EARTH MOVING EQUIPMENTS LIMITED	Additional director	22/10/2007	22/10/2007	30/07/2011	Active	NO
6	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Additional director	22/10/2007	22/10/2007	01/04/2010	Active	NO
7	U19201WB1991PTC053292	YUTE ES-PECIAL INDIA PVT LTD	Additional director	28/08/2009	28/08/2009	-	Strike off	NO
8	L36900WB1979PLC032046	WEBFIL LTD	Director	28/09/2011	04/03/2011	-	Active	NO

Name :

Mr. Sunil Munshi

Designation :

Additional Director

Address :

9-B, Minto Park, Syndicate 13, D. L. Khan Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

22.08.1957

Date of Appointment :

27.05.2011

DIN No.:

02749579

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	Company/ LLP Status	Defaulting status
1	U10200WB1873PLC000262	THE NEW BEERBHOOM COAL CO LTD	Director	29/09/2010	18/11/2009	Active	NO
2	U23109WB1900PLC000020	BENGAL COAL CO LTD	Director	29/09/2010	18/11/2009	Active	NO
3	U15311WB1968NPL027334	ABC TEA WORKERS WELFARE SERVICES	Director	18/02/2010	18/02/2010	Active	NO
4	L36900WB1979PLC032046	WEBFIL LTD	Director	28/09/2011	27/05/2011	Active	NO
5	U22219WB1922SGC004390	HOOGHLY PRINTING CO LTD	Additional director	02/05/2012	02/05/2012	Active	NO

Name :

Mr. Debasis Konar

Designation :

Additional Director

Address :

21, G. N. Mitra Lane, Burdwan Sadar, Burdwan – 713101, West Bengal, India

Date of Birth/Age :

18.10.1973

Date of Appointment :

10.11.2010

DIN No.:

03515885

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	Company/ LLP Status	Defaulting status
1	L36900WB1979PLC032046	WEBFIL LTD	Nominee director	23/08/2011	10/11/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Saptarishi Ganguly
Designation :	Company Secretary
Address :	28, Dhakuria Station Road, Kolkata – 700031, West Bengal, India
Date of Birth/Age :	January, 1979
Date of Appointment :	01.03.2009
PAN No.:	ALMPG0550C
Name :	Mr. Amiya Narayan Bhattacharyya
Designation :	Chief Executive Officer and General Manager
Address :	4, Congress Exhibition Road, Flat 1C, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	19.10.1956
Date of Appointment :	27.08.2007
PAN No.:	ACWPB2509F
Email :	amiya.bhattacharyya@webfilindia.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Category of Shareholders	No. of Equity Shares	Percentage
1.Government
Central	--	--
State	--	--
2.Financial Institutions
The industrial Development Bank of India	603340	7.07
The Industrial Finance Corporation of India	295080	3.46
West Benoal Industrial Development Corporation Limited	4220296	49.46
General Insurance and its Subsidiaries	--	--
Nationalised Banks	--	--
3.Mutual Funds	--	--
4. Andrew Yule a Group
Andrew Yule and Company Limited	145000	1.70
Yule Financing and Leasing Company Limited	270000	3.16
Tide Water Oil Company (India) Limited	410000	4.81
Benoal Coal Company Limited	200000	2.34
New Beerbhoom Coal Company Limited	70000	0.82
5.Directors	250	0.00
6.Non Residents	--	--
7.Others
Bodies Corporation	2298980	--
Indian Public	19554	27.18
Total	8532500	100.00

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Government Companies	1.70
Public Financial companies	59.99
Bodies corporate	38.07
Other top fifty shareholders	0.13
Others	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Lights Lighting Products and Communication Equipments.

Products :

Products Description	Item Code No.
Tungsten Filaments	81019910
Over Current and Earth Faulty Relay	85252009

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tungsten Filaments	Lakh Pcs.	1775	1160	1125.09
Programmable Primary Digital Drop Insert Multiplexer	No.	1000	1000	532
Universal Fail Safe Block Interface	No.	500	500	Nil
Programmable Over Current and Earth Fault Relays	No.	12000	12000	134
SMPS Based Power Supply System	No.	2000	2000	Nil
Block Proving by Axle Counter	No.	500	500	Nil

(i) Figures in brackets relate to the previous year.

(ii) Digital Microwave Systems, Mini-Computer/Micro-processor Based Systems are obsolete products and not in the line of production, hence they are not mentioned above.

GENERAL INFORMATION

Customers :

· Indian Railways

· BSNL

· GAIL

· MTNL

· ONGC

· Coal India

No. of Employees :

Not Divulged

Bankers :

· Citi Bank N.A.

Ground First Floor, Apollo Square 7/2, Race Course Road, Opposite Narayankothi Sawarkar, Indore – 452007, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans financial institutions secured	23.400	27.000
Working capital loans banks secured	15.402	13.206
Deferred sales tax loan secured	75.840	75.840
Interest accrued due other debt secured	67.691	58.542
Total	182.333	174.588
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans financial institutions unsecured	5.350	5.350
Other debt unsecured	30.500	30.500
Interest accrued due other debt unsecured	9.863	9.156
Total	45.713	45.006

Banking Relations :	--
Auditors :
Name :	L. B. Jha and Company Chartered Accountant
Address :	GF-1, Gillandar House, 8 N. S. Road, Kolkata – 700001, West Bengal, India
PAN No.:	AAAFL8345D
Associates Companies :	· Andrew Yule and Company Limited (AYCL) · Tide Water Oil Company (India) Limited (TWO) · Yule Agro Industries Limited (YAIL)
Joint Venture Company :	· New Town Telecom Infrastructure Development Company Limited (NTTIDCO)

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs.95.000 Millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 Millions
400000	Preference Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8532500	Equity Shares	Rs.10/- each	Rs.85.325 Millions
2044000	Preference Shares	Rs.100/- each	Rs.20.440 Millions
	Total		Rs.105.765 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		105.765	105.765	105.765
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.157	0.261	0.008
4] (Accumulated Losses)		(103.807)	(87.651)	(88.601)
NETWORTH		2.115	18.374	17.172
LOAN FUNDS
1] Secured Loans		182.333	174.588	182.031
2] Unsecured Loans		45.713	45.006	44.300
TOTAL BORROWING		228.046	219.594	226.331
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		230.161	237.968	243.503
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.246	16.928	19.010
Capital work-in-progress		0.000	7.507	7.355
INVESTMENT		5.465	5.465	5.465
DEFERREX TAX ASSETS		14.156	11.617	10.573
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	146.945	151.856	136.525
	Sundry Debtors	63.248	87.315	78.789
	Cash & Bank Balances	5.737	7.584	7.356
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50.727	48.527	56.470
Total Current Assets		266.657	295.282	279.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	18.073	39.120	20.698
	Other Current Liabilities	7.183	17.767	20.195
	Provisions	46.107	41.944	37.147
Total Current Liabilities		71.363	98.831	78.040
Net Current Assets		195.294	196.451	201.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		230.161	237.968	243.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	159.202	219.577	210.847
		Other Income	6.753	12.175	13.450
		TOTAL (A)	165.955	231.752	224.297
Less	EXPENSES
		Consumption Materials Changed Inventories	63.970	104.710
		Manufacturing Service Cost	10.442	9.466
		Contract Cost	6.300	12.674	201.328
		Employee Related Expenses	63.267	58.289
		Administrative, Selling and Others Expenses	19.783	22.172
		Research Development Expenditure	3.615	3.413
		TOTAL (B)	167.377	210.724	201.328
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.422)	21.030	22.969
Less	FINANCIAL EXPENSES (D)		15.185	16.544	17.951
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(16.607)	4.486	5.018
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.088	3.329	3.249
	PROFIT BEFORE TAX (E-F) (G)		(18.695)	1.157	1.769
Less	TAX (H)		(2.539)	(0.150)	(0.088)
	PROFIT AFTER TAX (G-H) (I)		(16.156)	1.307	1.857
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(87.651)	(88.958)	(90.815)
	BALANCE CARRIED TO THE B/S		(103.807)	(87.651)	(88.958)
	EARNINGS IN FOREIGN CURRENCY		31.625	28.855	41.619
	IMPORTS
		Raw Materials	28.600	34.707	32.661
		Stores & Spares	0.364	0.419	0.329
	TOTAL IMPORTS		28.964	35.126	32.990
	Earnings Per Share (Rs.)		(1.89)	0.15	0.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(9.74)	0.56	0.83
Net Profit Margin (PBT/Sales)	(%)	(11.74)	0.53	0.84
Return on Total Assets (PBT/Total Assets}	(%)	(6.63)	0.37	0.59
Return on Investment (ROI) (PBT/Networth)		(8.84)	0.06	0.10
Debt Equity Ratio (Total Liability/Networth)		141.56	17.33	17.72
Current Ratio (Current Asset/Current Liability)		3.74	2.99	3.58

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

PERFORMANCE:

The overall performance of the Company during the year was not satisfactory. The Turnover achieved during the year was Rs.163.291 Millions as compared to Rs.226.633 Millions in the previous year. The Company had incurred loss of Rs.16.156 Millions as compared to profit of Rs.1.307 Millions in the previous year.

The turnover of the Filament Division could be maintained at the same level of Rs.57.100 Millions compared to the last year, despite declining market of incandescent lamps.

However, loss of the Filament Division increased from Rs.22.803 Millions to Rs.25.398 Millions due to cost increases attributable to inflationary pressure in the economy.

The turnover of the Digital Division was decreased from Rs.169.507 Millions to Rs.106.122 Millions due to reduced demand of its main product viz, Primary Digital Drop Insert Multiplexer. This resulted in decrease in profit (before tax) from Rs.23.960 Millions to Rs.6.703 Millions in the Digital Division.

PROSPECTS

FILAMENT DIVISION

The prospect of Filament Division remains a great concern for the Directors in view of phase out of Incandescent lamps globally. Some steps have been taken to minimize its losses while the Division is maintaining its operation at the same level as in the previous year.

DIGITAL DIVISION

The Digital Division's performance during the year declined substantially after 2 years of consecutive growth. The reasons for the same is dip in demand for its product namely Primary Digital Drop Insert Multiplexer. With much of Indian Railways important routes now covered with Optical Fibre Network, the demand for the product is likely to be limited in the coming years as well.

The Company has got the approval from RDSO for Universal Fail Safe Block Interface (UFSBI) in October 2010 and for Block Proving by Axle Counter (BPAC) in April 2011. These products are expected to have good demand in Indian Railways from 2012-13. However a limited quantity as per Railway's guideline will be received during the year 2011-12 for which the Company has already secured orders and commenced production.

The Directors are confident that these newly developed products together with the Company's existing product line will enable the Company to improve its performance in the Digital Division.

FUTURE GROWTH

The Directors in their last report informed that your Company in participation with West Bengal Housing Infrastructure Development Corporation Limited, (WBHIDCO), a Government of West Bengal Undertaking had promoted a new joint venture Company viz. New Town Telecom Infrastructure Development Company Limited, (NTTIDCO) on 12th May,2006 on the basis of Equity partnership between WBHIDCO and your Company (51:49) for building the underground infrastructure of Fibre Optic Cable Network for Telecommunication in New Town, Rajarhat, Kolkata. In terms of the agreement, The Company has invested Rs.5.145 Millions towards its contribution in the paid-up share capital of NTTIDCO.

NTTIDCO has already established for business connections with renowned telecommunication service providers viz. BSNL, Reliance Communications Limited, Tata Communications Limited, Bharti Airtel Limited etc NTTIDCO is also in the process of building an Iconic Tower which will serve as the Gate way to Kolkata.

The performance of NTTIDCO for the year ended on 31st March, 2011 was satisfactory. The New Company had achieved a turnover of Rs.14.729 Millions (provisional) (previous year Rs.14.168 Millions) and earned a Profit after tax of Rs.10.580 Millions (provisional) (previous year Rs.7.609 Millions).

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:- (AS ON 31.03.2011)

(a) Letters of Credit opened by the Company for import and remaining outstanding (Net) Rs.16.878 Millions (previous year Rs.25.329 Millions);

(b) Net amount of guarantees and indemnities outstanding -Rs.108.078 Millions (previous year Rs.95.478 Millions)

(c) Disputed Sales Tax matters aggregating Rs.6.472 Millions (Net) (previous year Rs.11.969 Millions);

(d) Dividend payable Rs.3.904 Millions (previous year Rs.2.678 Millions) on 2044000 Nos. 6% Cumulative Redeemable Preference Shares.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Air Conditioner

· Electric Equipments

· Motor Cars

· Dies and Mould

· Computer Systems

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		14

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.