MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	WEST COAST ENGINEERING WORKS PRIVATE LIMITED

Registered Office :	101, Udyog Mandir No.2, Mogul Lane, Mahim, Mumbai – 400 016, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	21.03.1977

Com. Reg. No.:	11-19568

Capital Investment / Paid-up Capital :	Rs. 21.250 Millions

CIN No.: [Company Identification No.]	U99999MH1977PTC019568

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Industrial Gratings, Cable Trays

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

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 :	Slow and delayed

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears to be huge accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings 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

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

INFORMATION DECLINED BY

Name :	Mr. Bharat Chudasama
Designation :	Voice President
Contact No.:	91-9820818737/9820435753
Date :	27.04.2012

LOCATIONS

Registered Office/ Factory :	101, Udyog Mandir No.2, Mogul Lane, Mahim, Mumbai – 400 016, Maharashtra, India
Tel. No.:	91-22-66663045/ 46/ 47/ 48/ 24458951/ 28412551
Mobile No.:	91-9820818737/9820435753 (Mr. Bharat Chudasama)
Fax No.:	91-22-24466073
E-Mail :	westcoast@satyam.net.in west_coast29@sify.com
Website :	http://westcoast.tradeindia.com

Factory:	Plot No A-480,25^th Road, Wagle Industrial Estate, MIDC, Nar Wagle Circle, Thane -West, Thane-400064, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Jitendra M. Shah

Designation :

Managing Director

Address :

707, Jal Darshan, Gandhi Dham Road, Ruia Park, Juhu, Greater Mumbai, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

29.06.1937

Date of Appointment :

21.03.1977

DIN No.:

02071885

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	U99999MH1977PTC019568	WEST COAST ENGINEERING WORKS PRIVATE LIMITED	Director	21/03/1977	21/03/1977	-	Active	NO
2	U28920MH1981PTC023906	JACINTH GRATINGS PRIVATE LIMITED	Director	16/02/1981	16/02/1981	-	Active	NO
3	U99999MH1946PLC004945	HINDUSTAN CHEMICAL WORKS LIMITED	Director	24/04/1989	24/04/1989	-	Active	NO

Name :

Ms. Manisha A. Chiniwala

Designation :

Director

Address :

706, Jal Darshan, Gandhi Dham Road, Ruia Park, Juhu, Greater Mumbai, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

17.03.1966

Date of Appointment :

15.05.2008

DIN No.:

01801050

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	U28112MH2005PTC152704	JACINTH ENGINEERING PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
2	U99999MH1946PLC004945	HINDUSTAN CHEMICAL WORKS LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
3	U99999MH1977PTC019568	WEST COAST ENGINEERING WORKS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
4	U28920MH1981PTC023906	JACINTH GRATINGS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Chudasama
Designation :	Voice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Mr. Jitendra M Shah		6154
Mrs. Manisha A Chiniwala		111980
Mrs. Neeta Jagdish Darbar		25
Mr. Pandurang II Gawarkar		120
Mr. Chotelal Bharatiya		170
Mrs. Iwin Sequeira		51
Mr. Anand N Chiniwala		300
M/s. Hindustan Chemical Works Limited, India		93700

Total		212500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Gratings, Cable Trays.

GENERAL INFORMATION

Supplier:

· Aaditya Computer

· Adroitech

· Agarwal Transport

· Archer Print Solutions

· Bhalchandra K. Patil - Transporter

· Bombay Abrasives

· Deep Metallurgical Services

· Dipak Engg.

· Economic Research lndia Limited

· Gopale Crane Services

· Hari Engg

· lndo Lube

· J. K. Technociates

· J P Agencies

No. of Employees :

Not Available

Bankers :

· State Bank of India, Wagle Industrial Estate, Thane – 400 604, Maharashtra, India

· Andhra Bank, Mori Road, Mahim West, Mumbai – 400 016, Maharashtra, India

Bank of Baroda, Geeta Building, Pandita Ramabai Road, Gamdevi, Mumbai-400 007, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
From Andhra Bank -Mahim Branch On Car Loan Account (Against Hypothecation Of Maruthi S X 4 Car (MH-02-AY-9450) and Personal Guarantee of Managing Director)	0.091	0.238
From Kotak Mahindra Prime Limited On Car Loan Account (Against Hypothecation Of Volkswagen Jetta (MH-02-AY-9450) and Personal Guarantee of Managing Director)	0.924	0.000
Total	1.015	0.238
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
A. From Managing Director Mr. J. M. Shah	1.981	2.197
B. Inter Corporate Loan From Hindusthan Chemical Works Limited	0.000	17.106
C. From Shareholders West Coast Engg industries (Prop. Concern of Director Mrs. Manisha Chiniwala)	0.000	14.718
D. From Andhra Bank - Mahim Branch	0.000	0.000
a. Bill Discounting Facility	3.752	0.000
b. On Overdraft Account No 0856310431 00952 (Represent cheques issued but not cleared)	0.269	0.000
Total	6.002	34.021


Banking Relations :	--

Auditors :
Name :	A.L. Gandhi and Company Chartered Accountants
Address :	Jolly Maker Apartment No.2, Flat No.94, 9^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
PAN.:	AADPG3682M

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

212500	Equity Shares	Rs.100/- each	Rs.21.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21.250	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.250	0.000	0.000
4] (Accumulated Losses)		(24.200)	(24.584)	(25.640)
NETWORTH		16.300	(22.584)	(23.640)
LOAN FUNDS
1] Secured Loans		1.015	0.238	0.422
2] Unsecured Loans		6.002	34.021	30.777
TOTAL BORROWING		7.017	34.259	31.199
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		23.317	11.675	7.559

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4.860	3.703	3.141
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		2.350	1.557	0.077
DEFERREX TAX ASSETS			0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.288	6.027	6.551
	Sundry Debtors	9.566	4.563	0.991
	Cash & Bank Balances	0.232	0.523	0.156
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.639	3.082	2.398
Total Current Assets		26.725	14.195	10.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.616	3.387	1.145
	Other Current Liabilities	5.002	4.393	4.610
	Provisions	0.000	0.000	0.000
Total Current Liabilities		10.618	7.780	5.755
Net Current Assets		16.107	6.415	4.341

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		23.317	11.675	7.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	44.456	26.638	8.128
		Other Income	1.169	2.047	0.785
		TOTAL (A)	45.625	28.685	8.913

Less	EXPENSES
		Cost of Material Consumed	33.153	19.097	6.314
		Manufacturing Expenses	5.940	2.715	0.899
		Personnel	2.704	2.442	2.075
		Administrative and Selling Expenses	3.184	1.795	1.738
		Directors Remuneration	0.420	0.420	0.180
		Loss on Sale of Motor Car	0.366	0.000	0.137
		Increase/(Decrease) in Finished Goods	(2.353)	0.440	(1.178)
		TOTAL (B)	43.414	26.909	10.165

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.211	1.776	(1.252)

Less	FINANCIAL EXPENSES (D)		1.175	0.113	4.362

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.036	1.663	(5.614)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.423	0.323	0.312

	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.613	1.340	(5.926)

Less	TAX (H)		0.229	0.284	(0.072)

	PROFIT/LOSS AFTER TAX (G-H) (I)		0.384	1.056	(5.854)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(24.584)	(25.640)	(19.642)

	BALANCE CARRIED TO THE B/S		(24.200)	(24.584)	(25.640)

	Earnings Per Share (Rs.)		1.80	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.84	3.68	(65.68)

Net Profit Margin (PBT/Sales)	(%)	1.38	5.03	(72.91)

Return on Total Assets (PBT/Total Assets}	(%)	2.29	(9.44)	(58.69)

Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.25

Debt Equity Ratio (Total Liability/Networth)		0.99	(0.34)	(0.24)

Current Ratio (Current Asset/Current Liability)		2.52	1.82	1.75

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	No
17) Major suppliers	Yes
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	No
30) Major Shareholders, if available	Yes

THE SALIENT FEATURES OF THE WORKING FOR THE YEAR WERE AS FOLLOWS:-

a) The turnover achieved by the company increased from Rs. 26.638 Millions of the last year to Rs. 44.456 Millions for the current year.

b) Other Income derived by the Company fell from Rs. 2.048 Millions of last year to Rs. 1.170 Millions for the current year.

c) However on account of the inflationary conditions prevalent in the economy the fixed overheads of the company registered an increase.

d) As a result of operation of the above factors the Company made a profit of Rs. 0.613 Million as compared to the profit of Rs. 1.339 Millions for the previous year.

e) In order to strengthen the financial position of the Company the Directors allotted 1, 92,500 equity Shares of Rs. 100/- each at a premium of Rs. 100/- per share during the year.

This resulted in augmenting:

a) The issued share capital of the company from Rs. 0.020 Million to Rs. 2120.000 Millions

b) Share Premium account by Rs. 19.200 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1977PTC019568
Name of the company	WEST COAST ENGINEERING WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Udyog Mandir No.2, Mogul Lane, Mahim, Mumbai – 400 016, Maharashtra, India Email: westcoast@satyam.net.in
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Geeta Building, Pandita Ramabai Road, Gamdevi, Mumbai-400 007, Maharashtra, India Email: info@ca-adlalwani.com
Nature of instrument creating charge	1.composite hypothecation agreement 2.LDOC-19-instrument of hypothecation of Moveable Machinery 3.LDOC-51-letter of undertaking 4.LDOC-17(C)supplemental composite agreement of hypothecation of Goods, Book Debts, Moveable Machinery and Vehicle 5. Memorandum of deposit of title deeds (all the above agreement constitute a single charge)
Date of instrument Creating the charge	04.01.2011
Amount secured by the charge	Rs.37.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First charge(present and future)=total limit Rs.37.000 millions (term loan = Rs.10.000 Millions, cash credit = Rs.5.000 millions, PC /FB P/ BP/ BD = Rs.10.000 millions, inland/import LCS=Rs.10.000 millions, bank guarantee=Rs.2.000 millions) (sub limit import LC (one time 365 days da) as sub limit to term loan =Rs.10.000 millions) And/or as stipulated by bank from time to time Others As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge (present & future on following assets) (1) hypothecation of all goods/ products /inventories /stocks/ stores/ tools kept at borrower place/ premises/ factories/ godowns/ etc or wherever else or in transit including brought under L.C. (2) hypothecation of all book debts and receivables (3) hypothecation of all plant and machineries and assets purchased out of bank finance (4) hypothecation of all current, movable and fixed assets of the company (5) EMG of factory land and building situated at Plot No A-480,25^th Road, Wagle industrial estate, MIDC, Nar Wagle Circle, Thane -west,thane-400064

FIXES ASSETS

· Air Compressors

· Air Conditioners

· Aqua Guard

· Computer and Accessories

· Drilling Machine

· Electrical Installation

· Electric Motor

· Factory Building

· Furniture and Fixture

· Land (Leasehold)

· Motor Car – Maruti S x 4

· Motor Car – Volkswagen (Jetta)

· Plant and Machinery

· Temple Building

· Temple Idole

· Water Pump

· Zerox Machine

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Information Gathered by :	SBA

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		16

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.

MIRA INFORM REPORT

9.288

6.027

6.551

9.566

4.563

0.991

0.232

0.523

0.156

0.000

0.000

0.000

7.639

3.082

2.398

26.725

5.616

3.387

5.002

4.393

4.610

0.000

0.000

0.000

10.618

16.107

6.415

4.341

0.84

3.68

(65.68)

1.38

5.03

(72.91)

2.29

(9.44)

(58.69)

0.04

0.06

0.25

0.99

(0.34)

(0.24)

2.52

1.82

1.75

Unit