MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	WILHELM TEXTILES INDIA PRIVATE LIMITED
Registered Office :	WZ-1656A, Nangal Raya, New Delhi - 110099
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.12.1994
Com. Reg. No.:	55-063215
Capital Investment / Paid-up Capital :	Rs.18.080 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC063215
TAN No.: [Tax Deduction & Collection Account No.]	DELW00498B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Textiles
No. of Employees :	200 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a established company having good track. Financially company is performing well. Fundamental seems strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Alok Gupta
Designation :	Chief Executive Officer
Contact No.:	91-9810058852
Date :	17.09.2012

LOCATIONS

Registered Office :	WZ-1656A, Nangal Raya, New Delhi – 110099, India
Tel. No.:	Not Available
Mobile No.:	91-9810058852 (Mr. Alok Gupta)
Fax No.:	Not Available
E-Mail :	ag@wilhelmindia.co.in
Area :	200 Sq. Ft
Location :	Rented
Factory :	Village Khandsa, Behrampur Road, Sector 34, Gurgaon – 122001, Haryana, India
Tel No.:	91-120-4770400
Area :	12000 Yard
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Rajinder Kumar Jain
Designation :	Director
Address :	422/16 Civil Lines Gurgaon, Haryana, India
Date of Birth/Age :	12.01.1947
Date of Appointment :	06.12.1994
DIN No.:	00387466

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	U17219PB1985PTC006245	H.B. VELVETS PRIVATE LIMITED	Director	24/04/1985	24/04/1985	-	Active	NO
2	U74899DL1994PTC063215	WILHELM TEXTILES INDIA PRIVATE LIMITED	Director	06/12/1994	06/12/1994	-	Active	NO
3	U52322HR2007PTC036728	Hi-End Apparels Private Limited	Director	02/04/2007	02/04/2007	21/01/2010	Active	NO

Name :	Mr. Ashok Sharma
Designation :	Director
Address :	C-2/128 Janakpuri, New Delhi-110058, India
Date of Birth/Age :	17.08.1944
Date of Appointment :	06.12.1994
DIN No.:	01093700

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	U74140DL1987PTC026999	UNICHEM MARKETING PRIVATE LIMITED	Director	12/02/1987	12/02/1987	-	Dormant	NO
2	U74899DL1987PTC027000	UNIQUE VINYL PRODUCTS PRIVATE LIMITED	Director	12/02/1987	12/02/1987	-	Active	NO
3	U74899DL1994PLC058411	UNIFLOCK INTERNATIONAL LIMITED	Director	13/04/1994	13/04/1994	-	Active	NO
4	U17299DL1989PTC035570	TEXPRINT TEXTILES PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
5	U74899DL1994PTC063215	WILHELM TEXTILES INDIA PRIVATE LIMITED	Director	06/12/1994	06/12/1994	-	Active	NO
6	U24239DL2004PTC130365	ROIDEC INDIA CHEMICALS PRIVATE LIMITED	Director	01/03/2011	15/01/2009	-	Active	NO
7	U40101DL2010PTC205089	ECOSENSE ENERGY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :	Mr. Alexander Hermann Wilhelm
Designation :	Director
Address :	Am Grafanstein 4, 66969, Lemberg, Lang Muhhe, Germany
Date of Appointment :	14.04.2004
DIN No.:	03520740
Name :	Mr. Werner Hermann Wilhelm
Designation :	Director
Address :	Am Grafanstein 4, 66969, Lemberg, Lang Muhhe, Germany
Date of Birth/Age :	19.09.1943
Date of Appointment :	30.09.1995
DIN No.:	03520744
Name :	Mr. Thomas Widmann
Designation :	Director
Address :	Jahnstrabe 41, 76275, Stlinge Germany
Date of Birth/Age :	17.06.1944
Date of Appointment :	30.09.1995
DIN No.:	03526036

KEY EXECUTIVES

Name :	Mr. Alok Gupta
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Uniflock International Limited, India	21005
Jain Kumar Rajinder	449
Sharma Rajesh	319
Jain Kumar Ravinder	449
Hermann Wilhelm Gmbh and Co., Germany	135596
Jain Rani Chand	1376
Jain Sushma	638
Sharma Ashok	956
Sharma Rohini	159
Sharma Abhishek	160
Jain Veena	5201
Jain Sunil	449
Jain Kulbhushan (H.U.F)	449
Jain Rajinder (H.U.F)	5201
Neera Jain	5201
Ankush Jain	637
Aashish Jain	638
Jain Raj Kumar (Karta)	1275
Jain Raj Kumar	637
Total	180795

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	75.00
Bodies corporate	11.62
Directors or relatives of Directors	13.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Textiles
Exports :
Products :	Textiles
Countries :	Germany China Far East Indonesia
Imports :
Products :	Raw Material
Countries :	Germany China

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fusible Interlining Scatter Coating	Sqm.	Not Applicable	4800000.00	5585154.69

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

200 (Approximately) (In Office + In Factory)

Bankers :

Indian Overseas Bank, Gurgaon, India

Facilities :

Cash Credit: Rs.60.000 Millions (From Indian Overseas Bank)

TC: Rs.15.000 Millions (From Indian Overseas Bank)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
CASH CREDIT
From India Overseas Bank, Gurgaon (secured against hypothecation of stocks of all kinds, debtors, personal guarantee of directors and collateral security of factory Land and building)	51.865	24.369
TERM LOAN
From Indian Overseas Bank, Gurgaon (Secured against hypothecation of plant and machinery and Collateral security of factory land and building)	6.993	0.000
Total	58.859	24.369

Banking Relations :	--
Auditors :
Name :	Dilip Kapoor and Associates Chartered Accountants
Address :	206, Mohan Complex, H Block, Ashok Vihar, Ph-1, Delhi – 110052, India
Telfax No.:	91-11-7234589
PAN No.:	AATPK5768N
Related Parties:	Hermann Wilhelm Gmbh and Co. Flock Fabs (India) Shree Vishnu Engineers and Consultants Bliss Impex Global Trends Voltex India Shree Vishnu Print Shree Narayan and Company

CAPITAL STRUCTURE

As on 31.03.2011

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
180795	Equity Shares	Rs.100/- each	Rs.18.080 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		18.080	18.080	18.080
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		295.611	236.584	195.189
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		313.691	254.664	213.269
LOAN FUNDS
1] Secured Loans		58.858	24.369	17.470
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		58.858	24.369	17.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		372.549	279.033	230.739
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.625	61.637	52.824
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	219.635	121.046	98.790
	Sundry Debtors	166.820	129.857	115.490
	Cash & Bank Balances	11.623	8.201	8.861
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.231	28.876	35.153
Total Current Assets		424.309	287.980	258.294
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.359	39.841	41.468
	Other Current Liabilities	12.335	0.620	7.040
	Provisions	42.691	30.123	31.871
Total Current Liabilities		121.385	70.584	80.379
Net Current Assets		302.924	217.396	177.915
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		372.549	279.033	230.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	550.000 (Approximately)	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		102.306	70.859	73.077
Less/ Add	DEPRECIATION/ AMORTISATION		8.552	6.597	5.995
	PROFIT BEFORE TAX		93.754	64.262	67.082
Less	TAX		34.728	22.867	25.917
	PROFIT AFTER TAX		59.026	41.395	41.165
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	108.302	52.172	42.989
	TOTAL EARNINGS		108.302	52.172	42.989
	IMPORTS
		Raw Materials	115.017	50.044	47.587
	TOTAL IMPORTS		115.017	50.044	47.587
	Earnings Per Share (Rs.)		326.48	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

Expected Sales (2012-2013) : Rs.750.000 Millions

The above information has been parted by Mr. Alok Gupta.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	18.98	18.38	21.56
Return on Investment (ROI) (PBT/Networth)		0.30	0.25	0.31
Debt Equity Ratio (Total Liability/Networth)		0.57	0.37	0.46
Current Ratio (Current Asset/Current Liability)		3.50	4.08	3.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	No
14]	Estimation for coming financial year	Yes
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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

The company maintained satisfactory progress during the year.

During the year the operation of the company has increased from Rs.392.550 Millions in the previous year Rs.575.889 Millions in the current year. The gross profits have increased from Rs.64.262 Millions in the previous year to Rs.93.754 Millions in the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1994PTC063215
Name of the company	WILHELM TEXTILES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	WZ-1656A, Nangal Raya, New Delhi – 110099, India E-Mail Id : ag@wilhelmindia.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10224661
Type of charge	Book Debts Movable Property (Not Being Pledge) Floating Charge Others (Goods)
Particular of charge holder	Indian Overseas Bank, Yadaw Bhawan, Old Railway Road, Gurgaon – 122001, Haryana, India E-mail id : gurgabr@delsco.iobnet.co.in
Nature of instrument creating charge	Letter of hypothecation dated 7th july,2011
Date of instrument Creating the charge	07.07.2011
Amount secured by the charge	Rs.75.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 4% = 14.25% Presently Terms of Repayment On demand Margin Stock: 25% Book debts: 50% Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all existing & future stock of raw material, work in progress & finished goods of fabrics, other miscellaneous materials, packing material etc. Lying at godown, factory premises or else. Collaterally secured by the existing collateral security of the company with the bank.
Date of instrument modifying the charge
Particulars of the present modification	Cash Credit: from Rs. 50.000 Millions to Rs.60.000 Millions Term Loan: from Rs. 15.000 Millions to Rs. 15.000 Millions. Total: Rs. 75.000 Millions

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electric Installation
• Factory and Office Equipments
• Vehicles
• 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 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.53.26
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.