MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED
Registered Office :	3 Kabir Marg, Lucknow-226024, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.01.1986
Com. Reg. No.:	20-007640
Capital Investment / Paid-up Capital :	Rs. 12.674 Millions
CIN No.: [Company Identification No.]	U34102UP1986PTC007640
TAN No.: [Tax Deduction & Collection Account No.]	LKNT05051E
PAN No.: [Permanent Account No.]	AAACT8935C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Wind Screen Wiper, Automotive Rubber Parts, Wiper Linkage Assemblies, Starter Assemblies for Portable Genset.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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. Current year profit and loss account is not available.

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

INFORMATION PARTED BY

Name :	Mr. Sujikumar
Designation :	Manager
Contact No.:	91-9841092300
Date :	15.02.2012

LOCATIONS

Registered Office :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Tel. No.:	91-522-2215078/ 2212733
Mobile No.:	91-522-2210719/ 2107020
Fax No.:	Rajeev2129@rediffmail.com lucknow@wlipleindia.com
Factory 1 :	C-29 and 30l, Sector -20, Jagdishpur Industrial Area, District Sultanpur-227817,Uttar Pradesh, India
Tel. No.:	91-5361-270071-73/ 270250
Fax No.:	91-5361-270070
Factory 2 :	Unit-3, Gat No 617, Mahalunge (I) T Chakan Talegaon Road, Chakan, Pune-410501, Maharashtra, India

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Kamlesh Prasad
Designation :	Chairman Cum Managing Director
Address :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	02.07.1957
Date of Appointment :	21.01.1986
DIN No.:	00207861

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102UP1986PTC007640	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED	Managing director	21-01-86	21-01-86	Active	NO
2	U29305UP2004PTC029254	THE WIPE HOTWIRE INDIA THERMAL EQUIPMENTS PRIVATE LIMITED	Director	24-11-04	24-11-04	Active	NO
3	U50300UP2006PTC031690	ONEUP MOTORS INDIA PRIVATE LIMITED	Managing director	25-04-06	25-04-06	Active	NO
4	U45201UP2006PTC032052	ONEUP ESTATES INDIA PRIVATE LIMITED	Director	23-06-06	23-06-06	Strike off	NO
5	U35911UP2006PTC032180	WIPE INDIA AUTOMOTIVE PRIVATE LIMITED	Managing director	24-07-06	24-07-06	Active	NO
6	U28910UP2000PTC025322	INTEGRATED WIPE INDUSTRIES INDIA PRIVATE LIMITED	Director	28-02-11	28-02-11	Active	NO

Name :	Mr. Paresh Prasad
Designation :	Whole Time Director
Address :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	01.07.1960
Date of Appointment :	21.01.1986
DIN No.:	00207899

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102UP1986PTC007640	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED	Whole-time director	21-01-86	21-01-86	Active	NO
2	U27104UP2000PTC025538	A.B.METAL CASTERS PRIVATE LIMITED	Director	20-07-00	20-07-00	Active	NO
3	U29305UP2004PTC029254	THE WIPE HOTWIRE INDIA THERMAL EQUIPMENTS PRIVATE LIMITED	Director	24-11-04	24-11-04	Active	NO
4	U50300UP2006PTC031690	ONEUP MOTORS INDIA PRIVATE LIMITED	Director	25-04-06	25-04-06	Active	NO
5	U45201UP2006PTC032052	ONEUP ESTATES INDIA PRIVATE LIMITED	Director	23-06-06	23-06-06	Strike off	NO
6	U35911UP2006PTC032180	WIPE INDIA AUTOMOTIVE PRIVATE LIMITED	Director	24-07-06	24-07-06	Active	NO
7	U28910UP2000PTC025322	INTEGRATED WIPE INDUSTRIES INDIA PRIVATE LIMITED	Director	28-02-11	28-02-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Sujikumar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Kamlesh Prasad	461345	36.40
Paresh Prasad	447340	35.30
Vinod Khanna	1000	0.08
I Prasad	49520	3.91
N. Prasad	31320	2.47
Azmat Ali	665	0.05
P. Mathur	500	0.04
A. Mathur	2620	0.21
Shivesh Prasad	21600	1.70
Anuja Seth	35000	2.76
Nimesh Shah	70000	5.52
Hala Holdings Private Limited, India	45000	3.55
Manek Bhansali	50000	3.95
Geeta Seth	5000	0.39
Nina Seth	10000	0.79
Arjun Khanna	2000	0.16

AS ON 29.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	80.03
Others	19.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Wind Screen Wiper, Automotive Rubber Parts, Wiper Linkage Assemblies, Starter Assemblies for Portable Genset.
Imports :
Products :	Raw Materials
Countries :	· Japan · China
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Wiper Arms	Nos.	12.00	2904707.00
Wiper Blades	Nos.	12.00	3686174.00
Rubber Parts	Nos.	92.00	5164445.00
Starter Assly	Nos.	0.65	0
Loose Parts	Nos.	--	94189.00
Wiper Linkage	Nos.	0.65	24179.00
Washer Fluid	Lts	0.65	310571.00
Scrap	Kg	--	196178.09
Plastic Parts	Nos.	5.93	3091588.00

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· OEM’s

No. of Employees :

900 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, 6Al, Way Road, Gokhley Marg, Lucknow-226001, Uttar Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans and Advances form Bank
S.B.I Term Loan (Against first charge over fixed assets)	37.990	27.258
State Bank of India CC A/C (against hypothecation of stock, book debts and other movable assets)	98.306	102.981
Other Loans and Advances
Hire Purchase Loan (against hypothecation of said assets)	10.720	3.159
Tooling Advances (against hypothecation of said tools)	22.732	25.677
Total	169.748	159.075
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Directors	0.014	0.013
Total	0.014	0.013

Banking Relations :	--
Financial Institution :	Volkswagen India Private Limited, E1, MIDC Industrial Area, (Phase III), Village Nigoje, Mhalunge, Kharabwadi, Taluka Khed, Chakan, Pune-410501, Maharashtra, India
Auditors :
Name :	Manoj Bhatnagar and Company Chartered Accountant
Address :	2^nd Floor, 33 Nehru Road, Near Sadar Gurudwara Cant, Lucknow-226002, Uttar Pradesh, India
Tel. No.:	91-522-2480384/ 2630373
Pan No.:	AAIFM5659H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1267350	Equity Shares	Rs.10/- each	Rs. 12.674 Millions

AFTER 29.09.2011

Authorised Capital : Rs. 30.000 Millions.

Issued, Subscribed & Paid-up Capital : Rs. 14.008 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		12.674	10.006	8.949
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		113.207	86.362	70.729
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		125.881	96.368	79.678
LOAN FUNDS
1] Secured Loans		169.748	159.075	160.797
2] Unsecured Loans		0.014	0.013	0.513
TOTAL BORROWING		169.762	159.088	161.310
DEFERRED TAX LIABILITIES		16.441	15.230	14.330
TOTAL		312.084	270.686	255.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		178.221	140.083	129.149
Capital work-in-progress		2.504	0.000	0.000
INVESTMENT		0.000	0.000	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.979	140.094	146.820
	Sundry Debtors	132.377	95.521	81.591
	Cash & Bank Balances	4.914	4.318	0.505
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.243	19.339	18.768
Total Current Assets		312.513	259.272	247.684
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.108	126.239	116.526
	Other Current Liabilities	25.046	0.000	0.999
	Provisions	0.000	2.430	4.010
Total Current Liabilities		181.154	128.669	121.535
Net Current Assets		131.359	130.603	126.149
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		312.084	270.686	255.318

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
TURNOVER		NA	587.506	410.801
PROFIT BEFORE TAX		NA	21.631	16.931
EXPORT VALUE		22.981	3.274	2.508
IMPORTS
	Raw Materials	92.837	82.670	44.311
TOTAL IMPORTS		92.837	82.670	44.311
Earnings Per Share (Rs.)		--	--	--

Expected Sales (2011-2012) : Rs. 800.000 Millions

The above information has been parted by Mr. Sujikumar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	NA	3.68	4.12
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.41	4.49
Return on Investment (ROI) (PBT/Networth)		NA	0.22	0.21
Debt Equity Ratio (Total Liability/Networth)		2.92	2.98	3.54
Current Ratio (Current Asset/Current Liability)		1.73	2.01	2.03

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	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last two years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	-----
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
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

FORM 8

Corporate identity number of the company	U34102UP1986PTC007640
Name of the company	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3 Kabir Marg, Lucknow-226024, Uttar Pradesh, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank Of India, Commercial Branch, 6a, Way Road, Gokhley Marg, Lucknow – 226001, Uttar Pradesh, India
Nature of instrument creating charge	(i)Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit (Form C.2A) (ii)Letter regarding the grant of individual limits within the overall limit (Form C.5) (iii)Confirmatory letter for extension of equitable mortgage (iv)Memorandum of Deposit for Creation of further Charge for Term Loan/Overall Limit (Form C.10)
Date of instrument Creating the charge	31.12.2010
Amount secured by the charge	Rs. 206.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest FBWC-@ 6.50% above Base Rate. SLC-@ 7.50% above Base Rate. TL-II & IV-@ 7.25% above Base Rate. TL - III - @ 6.15% above Base Rate, CL-II - @ 6.75% above Base Rate & TL-V - @ 7% above Base Rate. Terms of repayment 1. Working Capital - Repayable on demand. 2. Term Loan - II,III,IV and Corporate Loan - II shall be repayable as per existing repayment schedule. 3. Term Loan - V of Rs.30.000 millions shall be repayable in 15 quarterly installments commencing from 31.03.2012. First 5 installments will be of Rs.1.000 millions each, next 4 installments will be of Rs.2.000 millions each, next 4 installments will be of Rs.2.750 millions each and last 2 installments will be of Rs.3.000 millions each. Margin 25% on Raw Material 25% on Stocks in process 25% on Finished goods 30% on Book Debts/Receivables(cover period 90 days) 15% on LC (Cash/TDR) 15% on BG (Cash/TDR) Extent and operation of the charge The Company's movable and immovable properties as mentioned hereunder are hypothecated and mortgaged to secure various credit facilities aggregating to Rs.206.800 millions granted by the Bank to the Borrower.
Short particulars of the property charged (Including location of the property)	Hypothecation of entire current assets (present and future) including raw material, consumables, stocks in process, finished goods, goods covered under LC etc. and all other movable assets of the Borrower. Hypo. of all the Borrower's present and future book debts, outstanding, monies receivables bills, invoices, contracts, engagements, securities, Investments, rights and counter guarantee of the Company. First charge on entire fixed assets of the Company and all present and future plant and machinery belonging to or in the possession or under the control of the Borrower wherever lying stored and kept. Extension of equitable mortgage by deposit of title deeds in respect of Company's immovable properties situated at Plot No.C-29 and C-30 Industrial Area, Jagdishpur, District Sultanpur. Equitable mortgage by deposit of title deeds in respect of Company's immovable properties situated at Plot No.C-79, Sector-6, Growth Centre, Bawal (Haryana) admeasuring area 1800 Square Meters.
Date of instrument modifying the charge	08.12.2010
Particulars of the present modification	The aggregate amount of various credit facilities granted by the Bank has now been enhanced from Rs.176.800 millions to Rs.206.800 millions. Therefore, total amount of charge secured against hypothecation of entire current assets, fixed assets stocks, book debts, plant and machinery etc. and equitable mortgage of immovable properties as per details mentioned in column No.15 above has now been enhanced from Rs.176.800 millions to Rs. 206.800 millions

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office and Other Equipments

· Vehicles

· Computer

· Furniture and Fixtures

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.55.50
UK Pound	1	Rs.85.58
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
TOTAL		50

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.