MIRA INFORM REPORT

Report Date :

15.07.2013

IDENTIFICATION DETAILS

Name :	WOODMASTER INDIA MACHINES PRIVATE LIMITED
Registered Office :	Street No.7, Bachittar Nagar, Gill Road, Ludhiana-141006, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.05.2004
Com. Reg. No.:	16-027095
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U28932PB2004PTC027095
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Woodworking Machines.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 49600
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The external borrowings appear to be increasing. However, 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 [GENERAL DETAILS]

Name :	Ms. Panjinder
Designation :	Sales Executive
Contact No.:	91-9815627422
Date :	12.07.2013

LOCATIONS

Registered Office / Factory :	Street No.7, Bachittar Nagar, Gill Road, Ludhiana-141006, Punjab, India
Tel. No.:	91-161-2814169/5031422/5034422/2814464/5031400
Mobile No.:	91-9815627422 (Ms. Panjinder)
Fax No.:	91-161-5134422/2814168/2814464/5031400
E-Mail :	info@woodmasterindia.com
Website :	www.masterindia.com
Area :	15000 sq. ft.
Location :	Owned
Branch Office :	Located At: · Ludhiana · Delhi · Pune

DIRECTORS

AS ON 29.09.2012

Name :	Mr. S Nirmal Singh
Designation :	Director
Address :	16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India
Date of Appointment :	05.05.2004
DIN No :	00453900
Name :	Mr. S Iqbal Singh
Designation :	Director
Address :	16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India
Date of Appointment :	05.05.2004
DIN No :	00453793
Name :	Mr. S. Varinder Singh
Designation :	Director
Address :	16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India
Date of Appointment :	05.05.2004
DIN No :	00454040
Name :	Mrs. Kuldeep Kaur
Designation :	Director
Address :	16-B, 550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India
Date of Appointment :	26.12.2005
DIN No :	00566243
Name :	Mr. Bachitter Singh
Designation :	Director
Address :	H. No. 550-16-B, Nanak Puri, Miller Ganj, Ludhianan, Punjab, India
Date of Birth :	01.12.1986
Date of Appointment :	30.09.2010
DIN No :	03088498
Name :	Mr. Khushwinder Singh
Designation :	Director
Address :	B-XVI-550, Nanak Puri, Miller Ganj, Ludhiana, Punjab, India
Date of Birth :	10.07.1988
Date of Appointment :	30.09.2010
DIN No :	03088572

KEY EXECUTIVES

Name :	Ms. Panjinder
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
S Nirmal Singh	33500
S Iqbal Singh	33500
S. Varinder Singh	33000
TOTAL	100000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Woodworking Machines.
Exports :
Products :	Machinery
Countries :	· South Africa · UAE · Italy · Belgium
Imports :
Products :	Component
Countries :	· China · Italy
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

100 (Approximately)

Bankers :

· Canara Bank, Gill Road, Miller Ganj, Ludhiana-141003, Punjab, India

· HDFC Bank Limited

· ICICI Limited

· Axis Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks
Axis Bank Limited, Car Loan	0.212	0.446
HDFC Bank Limited, Car Loan	0.000	0.026
ICICI Bank Limited, Car Loan	1.017	0.000
From Others	0	0
From TIFAC	9.781	11.090
Short Term Borrowings
Loans Repayable on Demand From Banks
Canara Bank CC	3.841	1.325
Canara Bank Loan Against FD	1.524	0.000
TOTAL	16.375	12.887

Banking Relations :	--
Auditors :
Name :	Bhakoo and Associates Chartered Accountant
Address :	337/1A, Dr. Sham Singh Road, Civil Lines, Ludhiana-141001, Punjab, India
Tel. No.:	91-161-2413348 / 2771898
E-Mail :	bhakooasso@gmail.com
PAN No:	AABFBO545L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	8.501	5.847
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2.916	3.556
Total Shareholders’ Funds (1) + (2)	12.417	10.403
(3) Non-Current Liabilities
(a) long-term borrowings	25.856	19.437
(b) Deferred tax liabilities (Net)	0.152	0.240
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.008	19.677
(4) Current Liabilities
(a) Short term borrowings	5.865	1.325
(b) Trade payables	28.200	15.043
(c) Other current liabilities	12.694	17.457
(d) Short-term provisions	1.280	0.700
Total Current Liabilities (4)	48.039	34.525
TOTAL	86.464	64.605
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.256	32.549
(ii) Intangible Assets	0.019	0.022
(iii) Capital work-in-progress	14.117	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	44.392	32.571
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.650	10.250
(c) Trade receivables	15.185	11.149
(d) Cash and cash equivalents	6.251	6.868
(e) Short-term loans and advances	4.986	3.767
(f) Other current assets	0.000	0.000
Total Current Assets	42.072	32.034
TOTAL	86.464	64.605

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		3.556
3] Reserves & Surplus		4.259
4] (Accumulated Losses)		0.000
NETWORTH		8.815
LOAN FUNDS
1] Secured Loans		16.328
2] Unsecured Loans		3.591
TOTAL BORROWING		19.919
DEFERRED TAX LIABILITIES		0.162
TOTAL		28.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.162
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.594
	Sundry Debtors	12.806
	Cash & Bank Balances	3.625
	Other Current Assets	0.000
	Loans & Advances	4.649
Total Current Assets		27.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.457
	Other Current Liabilities	13.783
	Provisions	0.700
Total Current Liabilities		26.940
Net Current Assets		0.734
MISCELLANEOUS EXPENSES		0.000
TOTAL		28.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	86.509	60.519	58.252
Less	EXPENSES
		TOTAL	82.661	58.157	56.456
	PROFIT / (LOSS) BEFORE TAX		3.848	2.362	1.796
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.530	5.156	NA
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	5.32	3.65	3.22
Return on Investment (ROI) (PBT/Networth)		0.31	0.23	0.20
Debt Equity Ratio (Total Debt/Networth)		2.55	2.00	2.25
Current Ratio (Current Asset/Current Liability)		0.87	0.93	1.03

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	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	No
18]	Major customers	No
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]	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

FINANCIAL PERFORMANCE:

The Company achieved sales and other miscellaneous income Rs. 86.509 Millions during the year, in comparison to the previous year of Rs. 60.519 million and earned net profit (before tax) o Rs. 3.848 Millions as compared to Rs. 2.362 Millions during the previous year. The accumulated surplus of Rs. 8.501 millions is being carried over to Balance Sheet as at 31.03.2012.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Directors	8.132	0.818
From Director’s Relatives	6.714	7.057
Short Term Borrowings
Loans and Advances From Related Parties
From Directors	0.500	0.000
TOTAL	15.346	7.875

FIXED ASSETS:

· 3-Wheeler

· Air Conditioner

· Attendance Machine

· Building

· Camera

· Car

· Computer and Software

· Electric Fitting

· Fan

· Fax Machine

· Furniture and Fixture

· Generator

· Inveter

· Machinery

· Mobile Set

· Motor Cycle

· Pattern

· Printer

· Projector

· Pump

· Refrigerator

· Rack

· Scooter

· Telephone Set

· Trolly

· Tools

· Vaccum Cleaner

· Wall Clock

· Weight Scale

· Water Filter

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 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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.