MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	WHITE AND BROWN ALLOY CASTINGS PRIVATE LIMITED
Registered Office :	Flat 2D, Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.2006
Com. Reg. No.:	21-111291
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U27310WB2006PTC111291
TAN No.: [Tax Deduction & Collection Account No.]	CALW03063E
PAN No.: [Permanent Account No.]	AAACW7138C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Non-Ferrous Castings, Forgings and Valves.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

LOCATIONS

Registered Office :	Flat 2 D, Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal, India
Tel No.:	Not Available
Mobile No.:	91-9830155604 (Mr. Aniruddha Mukherjee)
Fax No.:	Not Available
E-Mail :	info@whitenbrown.com aniruddha35@rediffmail.com
Website :	www.whitenbrown.com
Area :	2500sq.fts
Location :	Owned
Factory :	Vill Bonogram, P O Rasapunja, Bakhrahat Road, Via Joka, Kolkata – 700104, West Bengal, India
Tel. No.:	91-33-24980570/24980571
Fax No.:	91-33-24980569

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Aniruddha Mukherjee

Designation :

Director

Address :

Flat 2 D Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal, India

Date of Birth/Age :

02.07.1961

Date of Appointment :

25.08.2006

Election Commission Identity Card No.:

WB/23/152/645246

Din No.:

00584824

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	Company/ LLP Status	Defaulting status
1	U27310WB2006PTC111291	WHITE AND BROWN ALLOY CASTINGS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	Active	NO
2	U25209WB2012PTC182671	WHITE AND BROWN POLY CHEM PRIVATE LIMITED	Director	14/06/2012	14/06/2012	Active	NO

Name :

Mr. Soumya Mukherjee

Designation :

Director

Address :

Flat 2 D Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal, India

Date of Birth/Age :

31.07.1970

Date of Appointment :

25.08.2006

Election Commission Identity Card No.:

WB/23/152/645008

Din No.:

00584895

Name :

Mr. Sankar Maiyt

Designation :

Director

Address :

Flat 2 D Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal, India

Date of Birth/Age :

03.07.1958

Date of Appointment :

25.08.2006

Election Commission Identity Card No.:

WB/18/113/516359

Din No.:

00584940

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Aniruddha Mukherjee	25500
Soumya Mukherjee	4500
TOTAL	30000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Non-Ferrous Castings, Forgings and Valves.

GENERAL INFORMATION

No. of Employees :

100 [Approximately]

Bankers :

· State Bank of India, SME Branch, J. L. Nehru Road, Jeevan Deep (11th Floor) 1, Middleton Street, Kolkata - 700071, West Bengal, India

· Bank of India, Lindsay Street Branch, 8, Lindsay Street, Kolkata-700087, West Bengal, India

· UCO Bank, Behala Branch, 7, Brahma Samaj Road, Behala, Kolkata-700034, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Bank as cash Credit (against hypothecation or inventories, Equitable Mortgage of Office Building and also against the personal securities provided by the Managing Director)	27.725	21.552
From Bank as Term Loan (Tem loan is Secured against hypothecation of entire Plant and Machineries of the company and also against the personal securities provided by the managing Director)	24.021	23.839
TOTAL	51.746	45.391
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan from Directors	24.000	14.000
TOTAL	24.000	14.000

Banking Relations :	--
Auditors :
Name :	Alok Nath Pal Chartered Accountant
Address :	Alok Nath Paul and Associates, 270/1, Rai Bahadur Road, P O New Alipore, P S Behal, Kolkata-700053, West Bengal, India
Fax No.:	91-33-22180666
Pan No.:	AEMPP1962J

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.588	1.645	1.051
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.588	4.645	4.051
LOAN FUNDS
1] Secured Loans		51.746	45.391	29.620
2] Unsecured Loans		24.000	14.000	9.000
TOTAL BORROWING		75.746	59.391	38.620
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		81.334	64.036	42.671
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.487	22.824	17.322
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.258	33.487	20.722
	Sundry Debtors	15.216	8.296	17.336
	Cash & Bank Balances	0.025	0.008	0.007
	Other Current Assets	0.081	0.080	0.238
	Loans & Advances	0.457	6.120	0.377
Total Current Assets		55.037	47.991	38.680
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.440	6.696	13.768
	Other Current Liabilities	2.254	0.212	0.249
	Provisions	1.042	0.600	0.285
Total Current Liabilities		12.736	7.508	14.302
Net Current Assets		42.301	40.483	24.378
MISCELLANEOUS EXPENSES		0.546	0.729	0.971
TOTAL		81.334	64.036	42.671

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	99.059	89.553
		Other Income	0.127	0.017
		TOTAL (A)	99.186	89.570	39.975
Less	EXPENSES
		Consumption of Raw Material and Processing Material	55.316	84.655	16.968
		Manufacturing and Administrative Expenses	32.259	7.339	22.626
		Auditors Remuneration	0.129	0.072	0.039
		Increased/(Decreased) In Stock	(4.314)	(11.398)	(10.372)
		TOTAL (B)	83.390	80.668	29.261
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.796	8.902	10.714
Less	FINANCIAL EXPENSES (D)		8.163	4.253	4.532
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.633	4.649	6.182
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.648	3.455	3.033
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.985	1.194	3.149
Less	TAX (H)		1.042	0.600	0.304
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.943	0.594	2.845
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.645	1.051	(1.794)
	BALANCE CARRIED TO THE B/S		2.588	1.645	1.051
	Earnings / (Loss) Per Share (Rs.)		31.43	19.80	94.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	0.66	7.12
Net Profit Margin (PBT/Sales)	(%)	2.00	1.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.12	1.69	5.62
Return on Investment (ROI) (PBT/Networth)		0.35	0.25	0.78
Debt Equity Ratio (Total Liability/Networth)		15.83	14.40	13.06
Current Ratio (Current Asset/Current Liability)		4.32	6.39	2.70

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	Yes
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	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	No
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 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10350642
Corporate identity number of the company	U27310WB2006PTC111291
Name of the company	WHITE AND BROWN ALLOY CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat 2 D, Block B Vaishnawi Dham, Diamond Harbour Road, Joka, Thakur Pukar, Kolkata – 700104, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Bank of India, Lindsay Street Branch, 8, Lindsay Street, Kolkata-700087, West Bengal, India Email: lindsaystreet.kolkata@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	No Instrument, Oral Assent.
Date of instrument Creating the charge	11.04.2012
Amount secured by the charge	Rs.123.009 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan-I and II: 3% Over Base Rate plus tenor premium of 0.50%, presently 14.25% p.a. with monthly rests, Cash Credit: 3% Over Base Rate, presently 13.75% p.a. with monthly rests. Terms of Repayment Cash Credit repayable on demand, Term Loan - I and II repayment Margin Term Loan - II: 55.02%, Cash Credit (Stock): 25%, Cash Credit (Book Debts upto 90 days): 40%. Extent and Operation of the charge Equitable mortgage over immovable properties of the company. Others Amount Secured by the charge:- Facilities Amount Term Loan-I Rs.21.009 Millions Term Loan-II Rs.30.000 Millions Total Term Loan Rs.51.009 Millions Cash Credit -Stock Rs.58.000 Millions Cash Credit -B/debts Rs.19.000 Millions (Upto 90 days) WCFB Rs.72.000 Millions Total limit Rs.123.009 Millions
Short particulars of the property charged	All tangible movable assets including in particulars in stock, bushes, condenser, copper try ares, E.G. Flanges, lying at borrowers premises or in transit and/or wheresoever or about the borrowers Premises and godowns at Vill. Bonogram, P.O. Rasapunja, Bakhrahat Road, Kolkata-700 104. All the book debts outstanding, monies, receivables, claims and bills etc. Hypothecation of Plant and Machinery to be acquired under Term Loan-I for Rs.21.009 Millions or about the borrowers premises and godowns at Vill. Bonogram, P.O. Rasapunja, Bakhrahat Road, Kolkata-700 104. Hypothecation of project assets including Plant and machinery/ furniture and fixture to be acquired under Term Loan-II of Rs.30.000 Millions or about the borrowers premises and godowns at Vill. Bonogram, P. O. Rasapunja, Bakhrahat Road, Kolkata-700 104. All that piece and parcel of demarcated 15 cottahs of Bastu Land and structure of asbestos shed of 2800 sq. ft. in R.S. Dag No.323, 323/513 and 324, J.L.No.16 under R. S. Khatian No.48 of Mouza Bangram, P.O. Raspunja, P.S. Bishnupur, Raspunja Gram Panchayat, Dist. South 24 Pgs. Butted and bounded by on the North-Shed of Mr. T. Bose, on the South-Land of Haran Molla, on the East-Bakra Hat Road and on the West- House of Ali Hossain.
Particulars of the present modification	By this modification, Overall limit remain unchanged at Rs.123.009 Millions, the borrower has created additional security by way of creation of equitable mortgage over immovable property of the company. Other terms and condition remain unchanged.

FIXED ASSETS:

· Office Building

· Factory Shed

· Plant and Machinery

· Electrical Installations

· Office Equipments

· Computer and Software

· Furniture and Fixtures

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.