MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	WIMCO LIMITED
Registered Office :	1^st Floor, Indian Mercantile Chambers Kamani Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.09.1923
Com. Reg. No.:	11-001082
Capital Investment / Paid-up Capital :	Rs.1144.230 Millions
CIN No.: [Company Identification No.]	U24291MH1923PLCC001082
TAN No.: [Tax Deduction & Collection Account No.]	SHLW00001B MUMW02212A
PAN No.: [Permanent Account No.]	AAACW3082B
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Safety Matches.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 6300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. There appears some accumulated losses recorded by the company. However, financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Management Non-operative

LOCATIONS

Registered Office/ Safety Matches Division :	1^st Floor, Indian Mercantile Chambers, R Kamani Marg, Ballard Estate, Mumbai - 400038, Maharashtra
Tel No:	91-22-56316600 / 56310828 / 66316600
Fax No:	91-22-66314525 / 56314513 / 66314525
Email :	wimcobom@bom3.vsnl.net.in investor@wimco.in vaishali.w@wimco.in surendra.sipani@itc.in engg@wimco.in
Website :	www.wimcoengineering.com
Area :	19000 sq. ft
Location :	Owned
Factory [Matches] 1 / Engineering Division:	Kalyan Badlapur Road, Ambarnath - 421 505, Thane District, Maharashtra, India
Tel No.:	91-251-2682281/2683982
Fax No.:	91-251-2682665/2681874
Factory [Matches] 2 :	Clutterbuckganj, Bareilly - 243 502, Uttar Pradesh
Factory [Matches] 3 :	Tiruvottiyur, Chennai-600 019, Tamil nadu
Factory [Matches] 4 :	Alambazar, Kolkata - 700 035, West Bengal
Factory [Matches] 5 :	Amco Road Post Office, Dhubri - 783 323, Assam
Seedling Division :	Post Box No. 4, Kashipur Road, Rudrapur, Udham Singh Nagar – 263 153, Uttarakhand

DIRECTORS

As On 23.09.2011

Name :	Mr. Ramendra Lal Auddy
Designation :	Director
Address :	Flat 3D, 1 Auckland Squar, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	22.12.1951
Date of Appointment :	01.07.2005
PAN No.:	ACTPA4157H
DIN No. :	00272953

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24100WB1997PLC084645	QUAKER CHEMICALS INDIA LIMITED	Alternate director	09-09-07	17-10-97	-	Active	NO
2	U24291MH1923PLC001082	WIMCO LIMITED	Director	01-07-05	01-07-05	-	Active	NO
3	U45203WB2006PLC111364	BENGAL MULTIPLE HOUSING DEVELOPMENT LIMITED	Director	27-07-11	31-01-07	-	Active	NO
4	U65922WB1988PLC044915	P S GROUP REALTY LIMITED	Director	20-03-07	20-03-07	-	Active	NO
5	U45202WB2003NPL096324	CALCUTTA PROMOTIONS	Director	30-09-10	28-03-10	-	Active	NO
6	U29196WB1986PTC040670	ADAMS ELEVATOR COMPANY PRIVATE LIMITED	Director	17-09-11	17-09-11	-	Active	NO

Name :	Mr. Chittranjan Dua
Designation :	Director
Address :	88, Sundar Nagar, New Delhi – 110003, Delhi, India
Date of Birth/Age :	03.11.1951
Date of Appointment :	21.04.1998
PAN No.:	AACPD7256P
DIN No. :	00036080

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	09-04-87	09-04-87	-	Active	NO
2	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	11-11-87	11-11-87	-	Active	NO
3	U32109DL1990FTC039906	STMICROELECTRONICS PRIVATE LIMITED	Director	19-04-90	19-04-90	10-09-07	Active	NO
4	U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	30-08-93	30-08-93	-	Active	NO
5	U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	22-11-93	22-11-93	-	Active	NO
6	U74899DL1993PTC056590	LEXSPHERE PRIVATE LIMITED.	Director	22-12-93	22-12-93	-	Active	NO
7	U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	Director	02-05-95	02-05-95	-	Active	NO
8	U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	Director	02-05-95	02-05-95	-	Active	NO
9	U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	Director	15-05-95	15-05-95	-	Under liquidation	NO
10	U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	Director	19-07-95	19-07-95	-	Active	NO
11	U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Alternate director	30-12-11	18-12-95	-	Active	NO
12	U25209DL1996PTC078605	TUPPERWARE INDIA PRIVATE LIMITED	Director	01-05-96	01-05-96	13-01-10	Active	NO
13	U33112HR1996PTC038528	BAXTER INDIA PRIVATE LIMITED	Director	11-06-96	11-06-96	18-04-08	Active	NO
14	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	26-03-97	26-03-97	-	Active	NO
15	U24291MH1923PLC001082	WIMCO LIMITED	Director	21-04-98	21-04-98	-	Active	NO

Name :	Mr. Dipak Kumar Dutta
Designation :	Director
Address :	GD 137, Salt Lake, Sector III, Near Tank NO. 12 and GD Market, Kolkata – 700106, West Bengal, India
Date of Birth/Age :	19.10.1947
Date of Appointment :	01.07.2005
PAN No.:	ACPPD3401M
DIN No. :	00078772

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74900WB1986PTC041319	UBIX MANAGEMENT SERVICES PRIVATE LIMITED	Director	14-05-87	14-05-87	-	Active	NO
2	U74210WB1992PTC055730	SPEARHEAD CONSULTANTS AND EVALUATERS PRIVATE LIMITED	Director	18-06-92	18-06-92	-	Active	NO
3	U51109WB1980PTC032715	PROMARK PRIVATE LIMITED	Director	12-02-98	12-02-98	20-11-10	Active	NO
4	U57102WB1973PLC028864	MIMEC (INDIA) LIMITED	Director	24-08-98	24-08-98	-	Active	NO
5	U74140WB1982PTC034445	PATHFINDERS CONSULTANCY SERVICES PRIVATE LIMITED	Director	09-06-99	09-06-99	30-10-10	Active	NO
6	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	27-09-02	27-09-02	-	Active	NO
7	U24291MH1923PLC001082	WIMCO LIMITED	Director	01-07-05	01-07-05	-	Active	NO
8	L63090WB1919GOI003229	ANDREW YULE AND CO LIMITED	Director	21-07-06	21-07-06	23-03-07	Active	NO
9	U22219WB1922SGC004390	HOOGHLY PRINTING CO LIMITED	Additional director	07-10-06	07-10-06	20-03-07	Active	NO
10	U85300WB1907NPL001771	ROYAL CALCUTTA GOLF CLUB	Director	02-09-10	02-09-10	-	Active	NO
11	U74140WB2010PTC155008	LOOKEAST BUSINESS CONSULTANTS PRIVATE LIMITED	Director	25-11-10	25-11-10	-	Active	NO

Name :	Mr. Rajendra Kumar Singhi
Designation :	Director
Address :	Flat No. 5EE, Manikarn, 3B Rammohan Mullick Garden Lane, Kolkata – 700010, West Bengal, India
Date of Birth/Age :	15.08.1964
Date of Appointment :	01.07.2005
PAN No.:	AIRPS4155M
DIN No. :	00009931

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	12-05-98	12-05-98	-	Active	NO
2	U72300WB1992PTC056722	SWIFT SYSTEMS AND SERVICES P LIMITED	Director	19-04-99	19-04-99	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	01-07-05	01-07-05	-	Active	NO
4	U91990WB2007NPL116333	MANI KARN OWNERS ASSOCIATION	Director	11-12-07	11-12-07	26-09-10	Active	NO

Name :	Mr. Rajiv Tandon
Designation :	Director
Address :	Flat No. 4, Woodlands Synidcate 8/7, Alipore Road, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	05.10.1953
Date of Appointment :	01.07.2005
PAN No.:	AAQPT5649E
DIN No. :	00042227

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U55202WB1986PLC049467	GREENACRE HOLDINGS LIMITED	Director	05-05-98	05-05-98	-	Active	NO
2	L15142AP1986PLC006957	AGRO TECH FOODS LIMITED	Director	30-07-98	30-07-98	30-07-08	Active	NO
3	U65993WB1994PLC061684	RUSSELL CREDIT LIMITED	Director	18-09-00	18-09-00	-	Active	NO
4	U74899DL1992PLC047331	LANDBASE INDIA LIMITED	Director	16-02-01	16-02-01	-	Active	NO
5	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	03-03-01	03-03-01	-	Active	NO
6	U24291MH1923PLC001082	WIMCO LIMITED	Director	01-07-05	01-07-05	-	Active	NO
7	U65993WB1987PLC043324	RUSSELL INVESTMENTS LIMITED	Director	14-07-10	24-09-09	24-02-12	Active	NO
8	U16003WB1935PLC008314	GOLD FLAKE CORPORATION LIMITED	Director	19-05-10	24-09-09	-	Active	NO
9	U51494WB1958PLC087149	WILLS CORPORATION LIMITED	Director	19-05-10	24-09-09	-	Active	NO
10	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	19-05-11	03-01-11	-	Active	NO
11	U65923WB2012PLC176166	ITC INVESTMENTS AND HOLDINGS LIMITED	Director	19-03-12	19-03-12	-	Active	NO

Name :	Mr. Kurush Noshir Grant
Designation :	Director
Address :	7/1, Little Russel Street, Kolkata – 700071, West Bengal, India
Date of Birth/Age :	22.08.1957
Date of Appointment :	25.03.2010
PAN No.:	ADXPG8211B
DIN No.	00336288

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	26-11-99	26-11-99	-	Active	NO
2	L16005WB1910PLC001985	ITC LIMITED	Whole-time director	23-07-10	20-03-10	-	Active	NO
3	U24291MH1923PLC001082	WIMCO LIMITED	Director	09-09-10	25-03-10	-	Active	NO
4	U85300WB1909GAP001941	TOLLYGUNGE CLUB LIMITED	Director	07-08-11	07-08-11	-	Active	NO

Name :	Mr. Vellore Mani Rajasekaran
Designation :	Managing Director
Address :	3A, Bougainvillae, No.3, Adyar Club, Gate Road, R.A. Puram, Chennai – 600028, Tamil Nadu, India
Date of Birth/Age :	03.10.1958
Date of Appointment :	07.01.2011
PAN No.:	AASPR9749M
DIN No.	03378682

KEY EXECUTIVES

Name :	Mr. Surendra Kumar Sipani
Designation :	Secretary
Address :	Sumangal Apartments, 4, Lee Road, Flat No. 20, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	01.06.1966
Date of Appointment :	01.05.2011
PAN No.:	AIQPS2993G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 23.09.2011

Names of Equity Shareholders	No. of Equity Shares
Aminabi. Ibrahim M	25
Andal Srinivasan R	200
Alim A Wasi A	25
Azeez. A Mohmed A	50
Alaudin A Alaudin	50
Agarwal A Autar R	150
Ansari A Kadir	100
Arora A Murari A	100
Auty A Bapu	100
Agarwal A Hukumchand	100
Agarwal A Hukumchand	100
Agarwal A Agarwalla S	50
Agarwal A Radheylal	50
Ahuja A Lal S	50
A. A A. Abdulla	25
Abbasbhai A Sk.Abbasbhai	1000
Anjaneyulu A A.Lakshmikantam	40
Abdullabhoy A	250
Achuthan A Achuthan M	100
Andrade A	60

Names of Preference Shareholders	No. of Preferences Shares
Russell Credit Limited, India	10500000
Total	10500000

As On 23.09.2011

Equity Share Breakup		Percentage of Holding
Category
Nationalised or other banks		0.02
Mutual funds		0.01
Foreign holdings		0.03
Bodies corporate		96.92
Other top fifty (50) shareholders		0.26
Others		2.76
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Safety Matches.

Products :

Product Description	Item Code No
Matches	3605000110
Machinery	84223000
Entire Transplants	060290.09

Cardboard matches

• 40 matchsticks of 42mm/matchbox
• 50 matchsticks of 42mm/matchbox
• 50 matchsticks of 47mm/matchbox
• 240 matchsticks of 47mm/matchbox

Veneer matches

• 50 matchsticks of 42mm/matchbox
• Matchbox with Veneer Inners
• Matchbox with Cardboard Inners

• 40 matchsticks of 38mm/matchbox
• Matchbox with Veneer Inners

Wax matches

• 40 matchsticks of 29mm/matchbox
• 40 matchsticks of 32mm/matchbox
• 50 matchsticks of 32mm/matchbox
• 35 matchsticks of 27mm/matchbox

PRODUCTION STATUS (As On 31.03.2011):-

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Matches	Million Boxes	5000	5000 (on 3 Shift basis 300 working day)	2675
Machines	Numbers	NA	NA	54

GENERAL INFORMATION

Customers :

· Hindustan Lever

· Dabur

· Balsara

· Glaxo Smithkline

· Johnson and Johnson

· Pidilite

· Glenmark Pharmaceuticals

· Emami

· Cavinkare

· J L Morrison

No. of Employees :

Information declined by the management

Bankers :

· ABN Amro Bank N.V. – 14, Veer Nariman Road, Mumabi – 400023, Maharashtra, India

· ICICI Bank Limited

· Royal Bank of Scotland – Branch V.T, Mumbai

Facilities :

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loans Subsidiaries Unsecured	(A) 30.329	(B) 31.527
Other Debt Unsecured	(C) 100.000	0.000
Total	130.329	31.527

Notes:

(A) Loan from Pavan Poplar Limited (Subsidiary company).

Note: The said loan is interest free, with no stipulation as to repayment terms.

(B) Loan from Pavan Poplar Limited (Subsidiary company).

Note: The said loan is interest free, with no stipulation as to repayment terms.

(C) Loan from Russell Credit Limited (Holding company)

Banking Relations :

--

Auditors :

Name :

BSR and Company

Chartered Accountants

Address :

KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Pan No. :

AAAFB9852F

Ultimate Holding Company:

· ITC Limited

CIN No.: L16005WB1910PLC001985

Holding Company :

· Russell Credit Limited

CIN: U65993WB1994PLC061684

Wholly Owned Subsidiaries :

• Pavan Poplar Limited

CIN: U01100MH1995PLC128849

• Prag Agro Farm Limited

CIN: U01100MH1997PLC128846

Fellow Subsidiaries :

• ITC Infotech India Limited

CIN No.: U65991WB1996PLC077341

CAPITAL STRUCTURE

As On: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs. 1/- each	Rs.350.000 Millions
11300000	5% Redeemable preferences Shares	Rs. 100/- each	Rs.1130.000 Millions
		Total	Rs.1480.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94230000	Equity Shares	Rs. 1/- each	Rs.94.230 millions
10500000	5% Redeemable Cumulative preferences Shares	Rs. 100/- each	Rs.1050.000 Millions
		Total	Rs.1144.230 Millions

Notes:

Of the above:

(A) Includes 50,00,000 Zero Coupon Preference Shares of 100 each and 55,00,000 5% Redeemable Cumulative Preference Shares of 100 each

(B) Includes Zero Coupon Preference Shares of 100 each 5,000 and 5% Redeemable Cumulative Preference Shares of 100 each 5,500

(C) Includes 50,00,000 Zero Coupon Preference Shares of 100 each and 55,00,000 5% Redeemable Cumulative Preference Shares of 100 each

(D) Includes Zero Coupon Preference Shares of 100 each 5,000 and 5% Redeemable Cumulative Preference Shares of 100 each 5,500

(E) Includes 50,00,000 Zero Coupon Preference Shares of 100 each and 55,00,000 5% Redeemable Cumulative Preference Shares of 100 each

(F) Includes Zero Coupon Preference Shares of 100 each 5,000 and 5% Redeemable Cumulative Preference Shares of 100 each 5,500

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		1144.230	644.230	644.230
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		513.203	567.810	730.205
4] (Accumulated Losses)		(83.210)	0.000	0.000
NETWORTH		1574.223	1212.040	1374.435
LOAN FUNDS
1] Secured Loans		0.000	0.000	24.504
2] Unsecured Loans		130.329	31.527	31.462
TOTAL BORROWING		130.329	31.527	55.966
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1704.552	1243.567	1430.401
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1571.146	1140.193	1189.499
Capital work-in-progress		10.499	21.071	84.386
INVESTMENT		59.910	59.910	59.910
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	313.642	350.144	486.720
	Sundry Debtors	32.984	20.783	19.500
	Cash & Bank Balances	6.071	5.160	5.602
	Other Current Assets	0.000	0.000	23.344
	Loans & Advances	283.628	256.188	271.101
Total Current Assets		636.325	632.275	806.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	510.722	566.020	664.034
	Other Current Liabilities	28.308	22.262	35.412
	Provisions	34.298	21.600	10.215
Total Current Liabilities		573.328	609.882	709.661
Net Current Assets		62.997	22.393	96.606
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1704.552	1243.567	1430.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1921.918	2131.220	1813.413
		Other Income	25.358	132.343	69.781
		TOTAL (A)	1947.276	2263.563	1883.194
Less	EXPENSES
		Consumption materials changes inventories	1344.140	1540.585
		Employee related expenses	324.442	348.983
		Administrative selling other expenses	443.624	488.387
		Extraordinary items before tax	374.646	0.000
		TOTAL (B)	2486.852	2377.955	1822.466
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(539.576)	(114.392)	60.728
Less	FINANCIAL EXPENSES (D)		5.528	(1.518)	0.003
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(545.104)	(112.874)	60.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.400	49.521	45.990
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(596.504)	(162.395)	14.735
Less	TAX (H)		0.000	0.000	3.500
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(596.504)	(162.395)	11.235
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(140.203)	22.192	63.364
Less	APPROPRIATIONS
		Preference Dividend	0.000	0.000	52.407
	BALANCE CARRIED TO THE B/S		736.707	(140.203)	22.192
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3.966	23.025
	TOTAL EARNINGS		NA	3.996	23.025
	IMPORTS
		Raw Materials	NA	55.500	17.033
		Capital Goods		0.000	57.771
		Spares		3.380	0.000
	TOTAL IMPORTS		NA	58.880	74.804
	Earnings / (Loss) Per Share (Rs.)		(6.67)	(2.09)	0.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(30.63)	(7.17)	0.60
Net Profit Margin (PBT/Sales)	(%)	(31.04)	(7.62)	0.81
Return on Total Assets (PBT/Total Assets}	(%)	(27.02)	(9.16)	0.74
Return on Investment (ROI) (PBT/Networth)		(0.38)	(0.13)	0.01
Debt Equity Ratio (Total Liability/Networth)		0.45	0.53	0.56
Current Ratio (Current Asset/Current Liability)		1.11	1.04	1.14

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	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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)
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

COMPANY PERFORMANCE

The Company’s turnover, which stood at Rs.1921.900 Millions, has seen a decline by 10% as compared to last year primarily on account of lower volumes in the Matches business. During the year, the Company incurred a net loss of Rs.596.500 Millions after taking into account a one-time cost of Rs.374.600 Millions, inter alia, for restructuring of the Company’s operations at Chennai and Ambarnath.

The income from Matches business for the year has decreased by 10% to Rs.1847.800 Millions from Rs.2058.500 Millions earned in the previous year. The Company is facing challenge in its main business of Matches due to steep rise in input costs on one hand and growing competition from small scale and cottage sector on the other hand. The Company, with a view to making its Matches business viable, restructured its operations in the Matches Factories at Chennai and Ambarnath. Alternative arrangements have been put in place to ensure continued supplies of Company’s products in the market.

The income from the engineering business during the year was Rs.140.400 Millions as compared to Rs.143.600 Millions in the previous year. The Company is working towards increasing its value capture through continuous product development in packaging machinery. This business is poised for growth through new customer acquisitions, both in the domestic and overseas market.

The income from the seedling business during the year was Rs.97.600 Millions as against Rs.93.300 Millions in the previous year. The Agro Forestry business of the Company is supplying high quality poplar ETPs (Entire Transplants) to farmers in Northern India. Apart from creating a long-term sustainable supply of a critical raw material, the Company’s strategy of creating sustainable and meaningful linkages across the farmer community is helping us to contribute towards improving the green environment in the region.

The initiatives taken by the Company during the year to restructure its operations, coupled with the possibility of alternative usage of land now rendered surplus, are expected to yield positive results in the years to come. In furtherance of the objective of restructuring, the Company is also exploring the possibility of raising further funds.

Fixed Assets:

Intangible Assets

• Leasehold Land
• Computer Software

Tangible Assets

• Freehold Land
• Buildings
• Plant and Machinery
• Factory Equipments
• Railway Sidings
• Furniture and fitting
• Computers/ Office Equipments
• Motor Cars, Lorries,
• Tractors and Launches

WEBSITE:

HISTORY:

Subject, India’s largest manufacturer of safety matches was incorporated on 7th September, 1923. The company, till recently a part of Swedish Match, has factories at Ambernath, Chennai, Bareilly, Kolkata and Dhubri.

In 1981, Wimco Engineering was established, as a division of Wimco, to provide tube packaging solutions to the FMCG (Fast moving consumer goods) and pharmaceutical industry.

Arenco – a part of Swedish Match – provided the technical know how and designs for these packaging machines which delivered consistent reliability and performance.

This performance combined with its strong after sales service helped us achieve the status of the most preferred partner for tube packaging solutions

Their obsession with technological advancements along with our vision to be the leader in providing customized packaging solutions has encouraged us to develop and offer end-to-end packaging solutions.

PROFILE

Since 1981 subject, Engineering Division has been providing packaging solutions to cosmetics, consumer and pharma industry.  Their current portfolio include Tube filling machine , Cartoning machine , Wrapping machines, Loading machines and Conveyor solutions, Design and development of special purpose machine, packaging lines and system integration.

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.52.86
UK Pound	1	Rs.85.44
Euro	1	Rs.68.81

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		46

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/normal.	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.