MIRA INFORM REPORT

Report Date :

11.02.2013

IDENTIFICATION DETAILS

Name :	INTEGRATED EQUIPMENT (INDIA) PRIVATE LIMITED
Registered Office :	Gat No. 309/2 and 309/3, Kandhapuri Nagar Road, Taluka Shirur – 412209, Kondhapuri, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.11.2005
Com. Reg. No.:	135950
Capital Investment / Paid-up Capital :	Rs.31.100 Millions
CIN No.: [Company Identification No.]	U28100PN2005PTC135950
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02870A
PAN No.: [Permanent Account No.]	AAACW6150A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pipe Fittings and Pressure Control Equipments used in Oil and Gas Industry.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of WSI Holdings S A, Panama. It is an established company having a satisfactory track record. Financial company has performed well during the current year. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ (Long Term Rating)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	July 2012

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. Ratankar Deshpande
Designation :	Accounts Head
Contact No.:	91-2137-618888
Date :	06.02.2013

LOCATIONS

Registered Office/ Factory :	Gat No.309/2 and 309/3, Kandhapuri Nagar Road, Taluka Shirur – 412209, Kondhapuri, Maharashtra, India
Tel. No.:	91-2137-618888
Fax No.:	91-2137-618889
E-Mail :	brij86@hotmail.com ratankar.deshpande@integratedww.com siyer@wsiservices.in
Area :	50000 Sq. ft
Location :	Owned

DIRECTORS

As on: 28.09.2012

Name :	Mr. Brij Mohanlal Rawelchand Sharma
Designation :	Managing Director
Address :	17/6-A, Chakrata Road, Dehradun – 248001, Uttarakhand, India
Date of Birth/Age :	10.01.1936
Date of Appointment :	31.03.2012
DIN No.:	00069279
Name :	Ms. Saroj Brij Mohanlal Sharma
Designation :	Director
Address :	17/6-A, Chakrata Road, Dehradun – 248001, Uttarakhand, India
Date of Birth/Age :	15.01.1938
Date of Appointment :	14.11.2005
DIN No.:	00069386

KEY EXECUTIVES

Name :	Mr. Ratankar Deshpande
Designation :	Accounts Head
Name :	Mr. Devesh Tudekar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
WSI International Holdings S. A, Panama	3109999
Mohanlal R Brij Sharma	1
Total	3110000

As on: 27.12.2012

Names of Allottee	No. of Shares
WSI International Holdings S. A, Panama	3312500
Total	3312500

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pipe Fittings and Pressure Control Equipments used in Oil and Gas Industry.

Products :

Product Description	ITC Code
PET Preforma	3296.9

Exports :

Products :

Finished Goods

Countries :

USA

Terms :

Selling :

Credit (90 days)

Purchasing :

Credit (60 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pulsation dampeners, Blow-out preventers, Tubing hangers, Tree caps, Valves, Flanges, etc.	Nos.	175000	150000	14438

* The installed capacity disclosed above is as per certificate from management which has not been verified by the auditors as it is a technical matter.

GENERAL INFORMATION

Suppliers :

· Integrated Equipment Inc

Customers :

Foreign Companies

· Western India Forgings Private Limited

· Veneer Machinery Equipment

No. of Employees :

90 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Kasarwadi, Pimpri, Pune – 411034, Maharashtra, India

Tel. No.: 91-20-27125244

· State Bank Of India Industrial Finance Branch Pimpri, Old Pune Mumbai Highway, Kasarwadi, Near Kalasagar Hotel Pimpri, Pune - 411018, Maharashtra, India

Facilities :

(Rs. In Millions )

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From Bank	1.301	83.965
Foreign Currency Loan from Bank	48.090	0.000
Working capital borrowing repayable on demand	90.292	26.287
Buyers Imports Credit for Raw Material (EPC)	24.686	27.652
Total	164.369	137.904

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Mutha Towers, 5^th Floor, Suit No.8, Airport Road, Pune – 411006, Maharashtra, India
PAN No.:	AAEFP5579P
Fellow Subsidiaries :	· WSI Services S.A, US · Integrated Equipment Inc., USA · Brij Associates Consultants (India) Private Limited · Integrated Equipment (Singapore) Pte Limited
Holding Company :	WSI Holdings S. A, Panama

CAPITAL STRUCTURE

After: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6422500	Equity Shares	Rs.10/- each	Rs.64.225 Millions

As on: 31.02.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3110000	Equity Shares	Rs.10/- each	Rs.31.100 Millions

Of the above, 3,109,999 (previous year 3,109,999) equity shares are held by WSI Holdings S.A., Panama, the holding company

(a) Equity Shares: The Company has one class of equity shares having a par value of Rs. 10 per share, each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(b) Reconciliation of the number of shares outstanding and the amount of share capital

	As at March 31, 2012
Particular	No. of Shares	Rs. In Millions
Balance at the beginning of the year	3110000	31.100
Add / Less: Movement during the year	-	-
Balance at end of the year	3110000	31.100

(c) Shares held by holding company and shareholders holding more than 5% of the aggregate shares in the company

	As at March 31, 2012
Equity Shares;	Rs. In Millions
3109999 Shares (March 31, 2011: 3109999 Shares) held by WSI Holding S.A., Panama, the holding company.	31.099

d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the company

	As at March 31, 2012
Particular	No. of Shares	% Holding
Equity Stares: WSI Holding S.A., Panama, the holding company	31099990	99%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		31.100	31.100	31.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.188	45.103	36.753
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.288	76.203	67.853
LOAN FUNDS
1] Secured Loans		164.369	137.904	104.777
2] Unsecured Loans		8.500	9.500	9.500
TOTAL BORROWING		172.869	147.404	114.277
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		268.157	223.607	182.130
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		151.663	148.651	125.759
Capital work-in-progress		0.000	15.822	8.128
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.672	1.309	0.212
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.387	64.230	24.542
	Sundry Debtors	119.522	46.377	24.664
	Cash & Bank Balances	34.473	14.069	8.565
	Other Current Assets	1.809	0.720	8.735
	Other Non Current Assets	5.000	8.000	0.000
	Loans & Advances	35.934	32.981	19.314
Total Current Assets		282.125	166.377	85.820
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.328	73.915	33.379
	Other Current Liabilities	64.148	33.585	3.702
	Provisions	4.827	1.052	0.707
Total Current Liabilities		169.303	108.552	37.788
Net Current Assets		112.822	57.825	48.031
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		268.157	223.607	182.130

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	351.268	173.948	106.892
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	322.646	164.871	99.531
	PROFIT BEFORE TAX		28.622	9.077	7.361
Less	TAX		9.537	0.727	0.295
	PROFIT AFTER TAX		19.085	8.350	7.066
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.103	36.753	29.686
	BALANCE CARRIED TO THE B/S		64.188	45.103	36.753
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	324.932	137.320	78.797
	TOTAL EARNINGS		324.932	137.320	78.797
	IMPORTS
		Raw Materials			2.172
		Capital Goods			0.150
	TOTAL IMPORTS		34.382	25.724	2.322
	Earnings Per Share (Rs.)		6.14	2.69	2.27

Expected Sales (2012-2013): Rs.600.000 Millions

The above information has been parted by Mr. Ratankar Deshpande

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.43	4.80	6.61
Return on Total Assets (PBT/Total Assets}	(%)	6.60	2.88	3.48
Return on Investment (ROI) (PBT/Networth)		0.30	0.12	0.11
Debt Equity Ratio (Total Debt/Networth)		1.81	1.93	1.68
Current Ratio (Current Asset/Current Liability)		1.67	1.53	2.27

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Payable to trade payable other than Micro and Small Enterprises	100.328	73.915	33.379
Total	100.328	73.915	33.379

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
From other Parties (Repayable on demand)	8.500	9.500
Total	8.500	9.500

TRADE REFERENCES:

· Integrated Equipment Inc, USA

· Western India Forgings Private Limited, Pune

· Veneer Machinery Equipment, Bangalore

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Building

· Plant and Machinery

· Data Processing Equipment

· Office Equipment

· Furniture and Fixture

· Vehicles

Intangible Assets:

· Software

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.53.57
UK Pound	1	Rs.84.25
Euro	1	Rs.71.79

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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