MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	W.S. INDUSTRIES (INDIA) LIMITED
Registered Office :	108, Mount Poonamallee Road, Porur, Chennai – 600 116, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.1961
Com. Reg. No.:	18-4568
Capital Investment / Paid-up Capital :	Rs.338.898 Millions
CIN No.: [Company Identification No.]	L29142TN1961PLC004568
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of insulators, lightning arresters, coupling capacitors, capacity voltage transformers, instrument transformers, line traps and reactors.
No. of Employees :	Not Available

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 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company continuously incurring loss from last two years of operations. However, trade relations are reported as 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 term 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 / Factory :	108, Mount Poonamallee Road, Porur, Chennai – 600 116, Tamilnadu, India
Tel. No.:	91-44-66500811/ 66500723/ 66500893 / 66500726
Fax No.:	91-44-66500882/ 66500894
E-Mail :	exports@wsinsulators.com sales@wsinsulators.com sectl@wsinsulators.com
Website :	http://www.wsinsulators.com

DIRECTORS

As on 31.03.2011

Name :

Mr. V. Srinivasan

Designation :

Chairman

Address :

Srinidh 2 Satyanarayana Avenue, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.09.1938

Date of Appointment :

05.11.1968

DIN No.:

00002352

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Director	5/11/1968	5/11/1968	-	Active	NO
2	L25209TN1983PLC010438	HYDRO S AND S INDUSTRIES LIMITED	Director	25/11/1983	25/11/1983	-	Active	NO
3	U74210TN1984PLC011124	W.S.ELECTRIC LIMITED	Managing director	29/07/2008	1/09/1984	-	Active	NO
4	U85110KA1984PTC006129	W.S.TEST SYSTEMS PRIVATE LIMITED	Director	30/08/1991	30/08/1991	-	Active	NO
5	U65993TN1981PTC008667	VENSUNAR HOLDINGS PRIVATE LIMITED	Director	1/06/1992	1/06/1992	-	Active	NO
6	U51909TN1995PTC031120	W.S.INTERNATIONAL PRIVATE LIMITED	Director	6/10/1995	6/10/1995	-	Active	NO

Name :

Mr. Murali Venkatraman

Designation :

Vice Chairman and Managing Director

Address :

Srikrishna 126, Dr. Radhakrishna Salai, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

12.07.1962

Date of Appointment :

11.09.1985

DIN No.:

01176314

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Whole-time director	8/02/2012	11/09/1985	-	Active	NO
2	U85110KA1984PTC006129	W.S.TEST SYSTEMS PRIVATE LIMITED	Director	15/05/1986	15/05/1986	-	Active	NO
3	L25209TN1983PLC010438	HYDRO S AND S INDUSTRIES LIMITED	Director	25/06/1987	25/06/1987	-	Active	NO
4	U01132TN1986PLC013469	SOUTHERN TREE FARMS LIMITED	Director	16/06/1999	16/06/1999	-	Active	NO
5	U65993TN1983PTC010540	W.S.I.HOLDINGS PRIVATE LIMITED	Director	3/01/2000	3/01/2000	29/01/2007	Active	NO
6	U27209TN1976PLC007164	ALPUMP LIMITED	Director	30/06/2005	30/06/2005	28/09/2010	Active	NO
7	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	4/09/2006	4/09/2006	-	Active	NO

Name :

Mr. Narayan Sethuramon

Designation :

Managing Director

Address :

Srinidh 2 Satyanarayana Avenue, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

04.07.1971

Date of Appointment :

13.05.1992

DIN No.:

00007571

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Managing director	24/07/2009	13/05/1992	-	Active	NO
2	L25209TN1983PLC010438	HYDRO S AND S INDUSTRIES LIMITED	Director	29/07/2009	18/05/1992	-	Active	NO
3	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Additional director	9/12/2011	9/12/2011	-	Active	NO

Name :

Mr. K. Raman

Designation :

Director

Address :

New No. 40, Pes Garden Cat Hedral Road, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

13.04.1927

Date of Appointment :

28.12.1984

DIN No.:

00002210

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Director	28/12/1984	28/12/1984	-	Active	NO
2	U74210TN1984PLC011124	W.S.ELECTRIC LIMITED	Additional director	30/01/2010	30/01/2010	-	Active	NO

Name :

Mr. G. Balasubramanyan

Designation :

Director

Address :

35 TNHB 80 Feet Road, Sali Gramam, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

26.07.1939

Date of Appointment :

24.10.2002

DIN No.:

0006454

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	U65993TN1981PTC008667	VENSUNAR HOLDINGS PRIVATE LIMITED	Director	18/03/1981	18/03/1981	-	Active	NO
2	U65993TN1996PTC034125	SALIGRAM STOCKS AND SERVICES PRIVATE LIMITED	Director	9/01/1996	9/01/1996	22/08/2011	Active	NO
3	U65993TN1983PTC010540	W.S.I.HOLDINGS PRIVATE LIMITED	Director	3/01/2000	3/01/2000	3/09/2008	Active	NO
4	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Director	24/10/2002	24/10/2002	-	Active	NO
5	L25209TN1983PLC010438	HYDRO S AND S INDUSTRIES LIMITED	Director	16/09/2008	6/09/2007	-	Active	NO
6	U74140TN2007PTC065065	GBA CONSULTING PRIVATE LIMITED	Director	16/10/2007	16/10/2007	-	Active	NO
7	U74999TN2008PLC067646	W.S.INSULATORS LIMITED	Director	7/05/2008	7/05/2008	-	Active	NO

Name :

Mr. G.V. Viswanath

Designation :

Director

Address :

7 Dewan Madhava Rau Road, Basavanagudi, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

20.07.1934

Date of Appointment :

26.07.2005

DIN No.:

01087122

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
2	U74210TN1984PLC011124	W.S.ELECTRIC LIMITED	Director appointed in casual vacancy	29/07/2008	29/07/2008	-	Active	NO

Name :

Mr. Julian C. Schroeder

Designation :

Director

Address :

215, West 92^nd Street, Newyork Ny, USA

Date of Birth/Age :

11.12.1947

Date of Appointment :

29.01.2007

DIN No.:

00931778

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Nominee director	29/01/2007	29/01/2007	-	Active	NO
2	U74210TN1984PLC011124	W.S.ELECTRIC LIMITED	Nominee director	29/01/2007	29/01/2007	-	Active	NO

Name :

Mr. N. Srinivasan

Designation :

Director

Address :

D -1, Clivia Royale Habitat Apartments, HSR Layout, Sector – 2, Bangalore – 560102, Karnataka, India

Date of Birth/Age :

18.11.1943

Date of Appointment :

28.01.2008

DIN No.:

02036517

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	L29142TN1961PLC004568	W.S. INDUSTRIES (INDIA) LIMITED	Director	29/09/2008	28/01/2008	-	Active	NO
2	L33130GJ1987PLC009305	INTEGRA INDIA GROUP COMPANY LIMITED	Director	30/07/2009	30/01/2009	-	Active	NO
3	U74300KA2009PTC050726	BANGALORE INTERNATIONAL EXHIBITION SERVICES PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
4	U80103KA2009PTC049701	CIVILIA INDIA EDUCATIONAL PROGRAMMES PRIVATE LIMITED	Director	30/09/2011	11/12/2010	-	Active	NO
5	L32209KA1988PLC009313	ADC INDIA COMMUNICATIONS LIMITED	Additional director	10/02/2012	10/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K.S. Natarajan
Designation :	Company Secretary
Address :	Flat No. 6, Touchwood Apartment 10, Ramanathan Street Maahalingapuram, Chennai – 600034, Tamilnadu, India
Date of Birth/Age :	26.05.1948
Date of Appointment :	03.01.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,931,435	9.14
Bodies Corporate	7,717,709	36.51
Sub Total	9,649,144	45.64
(2) Foreign
Individuals (non Residents Individuals/Foreign Individuals)	249,341	1.18
Sub Total	249,341	1.18
Total shareholding of Promoter and Promoter Group (A)	9,898,485	46.82
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	400	-
Financial Institutions / Banks	73,205	0.35
Insurance Companies	377,784	1.79
Foreign Institutional Investors	1,985,677	9.39
Sub Total	2,437,066	11.53
(2) Non-Institutions
Bodies Corporate	4,155,083	19.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	3,518,827	16.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	1,102,494	5.22
Any Others (Specify)	27,834	0.13
Trusts	27,834	0.13
Sub Total	8,804,238	41.65
Total Public shareholding (B)	11,241,304	53.18
Total (A)+(B)	21,139,789	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public		-
Sub Total		-
Total (A)+(B)+(C)	21,139,789	-

BUSINESS DETAILS

Line of Business :

Manufacturer of insulators, lightning arresters, coupling capacitors, capacity voltage transformers, instrument transformers, line traps and reactors.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Insulators (fully assembled)	M.T.			27,175

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Large Corporation Branch Towers, 781-785 Annasalai, Chennai - 600 002, Tamilnadu , India
• State Bank of India
• Indian Overseas Bank
• Standard Chartered Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	1050.851	825.293
Working capital loans banks secured	559.543	501.057
Total	1610.394	1326.350
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans subsidiaries unsecured	75.000	17.000
Hire purchase installment payable unsecured	3.288	4.129
Total	78.288	21.129

Banking Relations :	--
Auditors :
Name :	S. Viswanathan Chartered Accountants
Address :	17 (Old No.8-A), Bishop Wallers Avenue (West), Mylapore, Chennai – 600004, Tamilnadu, India
PAN.:	AAAFV0367K
Subsidiaries :	W.S. Electric Limited, India (CIN: U74210TN1984PLC011124) W.S. Insulators Limited, India (CIN: U74999TN2008PLC067646)
Other Related Parties :	· W. S. International (Private) Limited · W.S.I. Holdings (Private) Limited · Hydro S and S Industries Limited · W.S. Testsystems (Private) Limited · S and S Minerals Limited · Vensunar (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions
1500000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.150.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21139789	Equity Shares*	Rs.10/- each	Rs.211.398 Millions
1275000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.127.500 Millions
	Total		Rs.338.898 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		338.898	338.898	303.898
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		489.275	530.430	669.137
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		828.173	869.328	973.035
LOAN FUNDS
1] Secured Loans		1610.394	1326.350	1095.102
2] Unsecured Loans		78.288	21.129	3.216
3] Deferred Liability		0.356	1.651	4.511
TOTAL BORROWING		1689.038	1349.130	1102.829
DEFERRED TAX LIABILITIES		49.300	46.900	56.100
TOTAL		2566.511	2265.358	2131.964
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1473.160	1515.655	361.732
Capital work-in-progress		79.413	106.653	1258.053
INVESTMENT		16.986	42.697	61.886
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	524.776	489.083	371.655
	Sundry Debtors	819.954	755.280	531.008
	Cash & Bank Balances	42.922	43.055	112.206
	Other Current Assets	0.049	0.089	0.030
	Loans & Advances	517.842	127.119	197.766
Total Current Assets		1905.543	1414.626	1212.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	388.936	403.712	369.970
	Other Current Liabilities	506.900	398.927	346.299
	Provisions	21.187	18.733	51.211
Total Current Liabilities		917.023	821.372	767.480
Net Current Assets		988.520	593.254	445.185
MISCELLANEOUS EXPENSES		8.432	7.099	5.108
TOTAL		2566.511	2265.358	2131.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2531.359	2175.624	2227.300
		Other Income	393.962	10.469	5.300
		TOTAL (A)	2925.321	2186.093	2232.600
Less	EXPENSES
		Consumption material changes inventories	1538.056	1168.949
		Manufacturing service costs	473.401	399.669
		Employee related expenses	312.570	263.350
		Administrative Expenses	358.859	300.260
		TOTAL (B)	2682.886	2132.228	1980.970
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		242.435	53.865	251.630
Less	FINANCIAL EXPENSES (D)		174.326	113.568	82.200
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.109	(59.703)	169.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		96.060	79.852	37.180
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(27.951)	(139.555)	132.250
Less	TAX (I)		(2.400)	(9.200)	43.200
	PROFIT /(LOSS) AFTER TAX (G-I) (J)		(30.351)	(130.355)	89.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.485	157.690	125.040
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	26.047	17.500	26.250
		Preference Dividend		7.140	4.630
		Proposed Dividend		0.000	21.140
		Dividend Distribution Tax		1.210	4.380
	BALANCE CARRIED TO THE B/S		2.819	1.485	157.690
	EARNINGS IN FOREIGN CURRENCY
		Physical Exports	278.629	444.152	641.960
		Others	3.781	3.953	1.980
	TOTAL EARNINGS		282.410	448.105	643.94
	IMPORTS
		Raw Materials	650.830	308.185	403.870
		Components and Spare Parts	17.650	4.476	13.160
	TOTAL IMPORTS		668.480	312.661	417.030
	Earnings/(Loss) Per Share (Rs.)		(1.95)	(6.56)	3.96

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	549.840	548.300	570.810
Total Expenditure	620.590	644.060	697.680
PBIDT (Excl OI)	(70.750)	(95.760)	(126.870)
Other Income	0.640	4.980	0.000
Operating Profit	(70.110)	(90.780)	(126.870)
Interest	71.770	79.560	109.950
Exceptional Items	0.000	0.000	0.000
PBDT	(141.880)	(170.340)	(236.820)
Depreciation	25.670	26.730	23.200
Profit Before Tax	(167.550)	(197.070)	(260.020)
Tax	(10.000)	(42.500)	(50.600)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(157.55)	(154.570)	(209.420)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(157.55)	(154.570)	(209.420)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.04)	(5.96)	3.99
Net Profit Margin (PBT/Sales)	(%)	(1.10)	(6.41)	5.94
Return on Total Assets (PBT/Total Assets}	(%)	(1.47)	(9.87)	10.91
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.16)	0.14
Debt Equity Ratio (Total Liability/Networth)		1.11	0.94	0.79
Current Ratio (Current Asset/Current Liability)		2.08	1.72	1.58

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) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	No
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

BUSINESS OPERATIONS

The Company operates in two business segments namely (a) Insulators and (b) Turnkey Projects. The net sales from Insulator business for the year was Rs.2122.670 million as against Rs.1764.590 million made in the previous year resulting in a growth of 20% in value terms. The second unit, located in the Special Economic Zone at Visakhapatnam, is now stabilizing its operations but operated at a low capacity utilization through out the financial year.

The Turnkey Projects Division achieved a turnover of Rs.408.69 million in the current financial year as against Rs.411.030 million for the previous year.

The year was marked by several adverse factors both on the production and commercial fronts. The market, both in India and overseas, saw reduction in prices due to intense competition. The overall reduction in export demand for Indian Insulator industry due to Chinese competition was further aggravated by the diversion of that capacity in to the domestic market. Added to this, direct competition from China also in the Indian market resulted in substantial reduction in selling prices. The operations faced continuing inflationary trend in cost of raw materials and components. Runaway increase in crude prices also impacted the energy cost significantly. Consequent to the power cut imposed by the State utility, the Company had to rely heavily on the expensive third party and self generated power in order to meet its energy requirements.

All these factors have resulted in the Company incurring net loss of Rs.27.930 million for the year.

Other Income includes Rs.387.190 million being the profit arising on transfer of 31,000 Equity Shares of Rs.10/- each held by the Company in its real estate subsidiary to another subsidiary of the Company

Contingent Liabilities on account of:

Particulars	31.03.2011 (Rs. in millions)
i) Letters of Credit established in favour of suppliers of Raw materials, Capital Goods, etc. excluding the value of materials received and bills accepted there against.	60.508
ii) Guarantees furnished to Electricity Boards, Government Departments and Undertakings	922.651
iii) Corporate Guarantees issued	62.930
iv) Customs Duty payable on Bonded Materials	5.863
v) Tax disputed
a) Sales Tax	0.000
b) Excise and Service Tax	0.212
c) Income Tax	2.647

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L29142TN1961PLC004568
Name of the company	W.S. INDUSTRIES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	108, Mount Poonamallee Road, Porur, Chennai – 600 116, Tamilnadu, India Email: sectl@wsinsulators.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Large Corporation Branch Towers, 781-785 Annasalai, Chennai - 600 002, Tamilnadu , India Email: bo0305@pnb.co.in
Nature of instrument creating charge	Deed of Hypothecation of Current Assets dated 4.5.2012
Date of instrument Creating the charge	04.05.2012
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 5.75% above the Base Rate of the bank, which at present works out to 16.50 % p.a plus applicable interest tax Terms of Repayment Entire outstanding with interest and and other charges if any will be repaid on or before end of 3 months from the date of this agreement. Margin Stock of indigenous raw materials / Book Debts - 25% Components manufactured at the Company's factory /Stocks in process and finished goods/Fabricated stocks - 30% Consumable stores and spares - 50% Other book debts - 40% Extent and Operation of the charge Hypothecation of stocks of RM, SIP and FG, fabricated stocks, consumable stores and spares, book debts etc ranking pari passu among consortium banks.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of RM, SIP and FG, fabricated stocks, consumable stores and spares, book debts etc ranking pari passu among consortium banks. Location of property : Company's factory premises at 108, Mount Poonamallee Road, Porur, Chennai - 600116

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31^st MARCH 2012

						Rs in Millions
	Particulars			Quarter Ended	Quarter Ended	Year Ended
				31.03.2012	31.12.2011	31.03.2012
				(Audited)	(Unaudited)	(Audited)
1	(a) Net Sales/Income from Operations			568.659	548.302	2251.040
	(b)Other Operating Income			2.147	4.949	167.871
	Total income from operations (net)			570.806	553.281	2418.911
2	Expenditure
	(a)		Consumption of raw material	344.262	323.999	1399.605
	(b)		Manufacturing Construction and Operating Expenses	0.000	0.000	0.000
	(c)		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.538)	(7.959)	(68.056)
	(d)		Purchase of trade goods	94.166	85.393	346.702
	(e)		Employee cost	23.200	26.728	100.200
	(f )		Other Expenditure
			i) Power and Fuel	125.998	124.568	501.706
			ii) Others	138.791	110.658	465.732
			Total Expenses	720.879	663.387	2745.889
3			Profit from operation before other income, interest and other exceptional items(1-2)	(150.073)	(110.106)	(326.978)
4			Other Income	0.000	0.000	0.000
5			profit before interest and exceptional items(3+4)	(150.073)	(110.106)	(326.978)
6	Interest			109.946	86.962	323.541
7	Profit after interest but before exceptional items(5-6)			(260.019)	(197.068)	(650.519)
8	Tax Expenses			(50.600)	(42.500)	(101.800)
9	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			(209.419)	(154.568)	(548.719)
10	Paid-up equity share capital (Face value of Rs.10/- each)			211.398	211.398	211.398
11		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		(11.87)	(7.46)	(28.35)
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		(11.87)	(7.46)	(28.35)
15		Public Shareholding
		Number of Shares		11241304	11241304	11241304
		Percentage of Shareholding		53.18%	53.18%	53.18%
16		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		4158099	4158099	4158099
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		42.01%	42.01%	42.01%
		Percentage of Shares (as a % of the total share capital of the Company)		19.67%	19.67%	19.67%
		b) Non-encumbered
		Number of shares		5710386	5710386	5710386
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		57.99%	57.99%	57.99%
		Percentage of Shares (as a % of the total share capital of the Company)		27.15%	27.15%	27.15%

B	Particular	Quarter Ended 31.03.2012
	Investor Complaints
	Received during the quarter	2
	Disposed off during the quarter	2

SEGMENTWISE REVENUE, RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

				Rs in Millions
	Particulars	Quarter Ended	Quarter Ended	Year Ended
		31.03.2012	31.12.2011	31.03.2012
		(Audited)	(Unaudited)	(Audited)
1	Segment Revenue
	a) Electro – Porcelain Product	547.986	527.456	2105.838
	b) Turkey Project	20.673	20.846	145.202
	Total	568.659	548.302	2251.040
	Less: Inter Segment Revenue
	Net Sales / Income from Operation	568.659	548.302	2251.040
2	Segment Result
	a) Electro – Porcelain Product	(126.222)	(96.256)	(409.262)
	b) Turkey Project	(23.849)	(13.850)	(77.614)
	c) Unallocated	0.000	0.000	159.900
	Total	(150.071)	(110.106)	(326.976)
	Less : (i) Interest	109.946	86.962	323.542
	Total Profit Before Tax	(260.017)	(197.068)	(650.518)
3	Capital Employed
	a) Electro – Porcelain Product	2821.470	2065.988	2821.470
	b) Turkey Project	227.060	205.590	227.060
	c) Unallocated	387.700	388.665	387.700
	Total	3436.230	2660.243	3436.230

Note:

1. The above result were reviewed by the Audit Committee, approved and taken on record by the Board at its meeting held on 31^st May, 2012

2. Other Income / unallocated earning for the year included profit arising on sale of share made in the quarter amounting to Rs.159.900 Millions

3. Exchange fluctuation amounting to Rs. 71.300 Millions arising on Foreign Currency requirements secured for installations of capital Assets has been included under the head Financial Costs (Previous year Rs. 0.100 Million deducted)

4. The figures of the quarter ended 31^st March 2012 are the balancing figures between the audited figures in respect of full financial year and the published year to date figured upto the third quarter of the financial year.

5. The Consolidated Financial Results which have been prepared in accordance with generally accepted accounting principles and comply. Accounting Standard 21 on Consolidated Financial issued by the institute of Chartered Accountants of India include the result of the subsidiary companies, viz W.E Electric Limited, the percentage of shareholding being 53.92% and 99.80%

STATEMENT OF ASSETS AND LIABILITIES

	PARTICULAR	31.03.2012
I	Equity and Liabilities
	1) Shareholders Funds
	a) Share Capital	338.898
	b) Reserves and Surplus	1290.380
	Total	1629.278
	2) Non – Current Liabilities
	a) Long term Borrowing	1076.628
	b) Deferred tax liabilities (Net)	0.000
	c) Other Long term liabilities	80.000
	Total	1156.628
	3) Current Liabilities
	a) Short term borrowing	857.230
	b) Trade payable	724.056
	c) Other current liabilities	429.429
	d) Short term provision	23.726
	Total	2034.441
	Total	4820.347
II	Assets
	1) Non – Current Assets
	a) Fixed assets	2958.534
	b) Non – current Investment	1.390
	c) Deferred tax assets (Net)	52.500
	d) Long term loans and advance	16.976
	e) Other non current assets	6.478
	Total	3035.878
	2) Current Assets
	a) Current Investment	15.438
	b) Inventories	571.025
	c) Trade receivables	675.990
	d) Cash and cash equivalents	20.824
	e) Short term loans and advance	496.977
	f) Other current assets	4.215
	Total	1784.469
	Total	4820.347

Note:

Land Indentified as suitable for alternative purpose has been revalued and the resultant increase of Rs.1349.823 Millions has been credited to “Revaluation Reserve” created in the books

FIXED ASSETS:

• Land and Betterment

a) Freehold Land

b) Leasehold Rights in land

• Buildings
• Plant and Machinery
• Electrical Installation
• Vehicles
• Furniture and Fixture and other equipments
• Capital Work in Progress

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.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--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.