MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	WHITE MARK LIMITED
Registered Office :	M-1, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.01.1990
Com. Reg. No.:	55-039035
Capital Investment / Paid-up Capital :	Rs. 8.000 millions
CIN No.: [Company Identification No.]	U36999DL1990PLC039035
IEC No.:	0591008556
TAN No.: [Tax Deduction & Collection Account No.]	DELW00530F
PAN No.: [Permanent Account No.]	AAACW0651Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Writing Boards and Trading of Steel.
No. of Employees :	52 (Approximately) [In Office: 12 + In Factory: 17 + In Branch: 23]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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. Tarun Periwal
Designation :	Director
Contact No.:	91-9810295940
Date :	05.06.2013

LOCATIONS

Registered Office :	M-1, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26479314 / 26221004 / 26233990
Fax No.:	91-11-26217129
E-Mail :	info@whitemark.in tarun@whitemark.in
Websites:	http://whitemarkindia.com
Location:	Rented
Factory :	Village Neemka, P.O. Bichchor, District Mewat, Haryana, India
Tel. No.:	91-126-8276621
Area:	25000 sq. ft.
Location:	Owned
Branch Office 1 :	12, Amaltas Marg, DLF City Phase-1 Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4052708
Fax No.:	91-124-4052709
E-Mail :	gurgaon@whitemark.in
Branch Office 2 :	78, New Timber Yard Layout, Mysore Road, Bangalore- 560026, Karnataka, India
Tel. No.:	91-80-65969551
Fax No.:	91-80-26744754
E-Mail :	bangalore@whitemark.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Tarun Periwal

Designation :

Director

Address :

12, Amaltas Marg, DLF City, Phase - 1, Gurgaon-122002, Haryana, India

Date of Birth/Age :

03.01.1961

Qualification :

Chartered Accountant

Experience :

20 Years

Date of Appointment :

25.01.1990

DIN No.:

00764486

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	U36999DL1990PLC039035	WHITE MARK LIMITED	Director	25-01-90	25-01-90	-	Active	NO
2	U74996DL2006PTC150237	ALLIANCE INTERLINK PRIVATE LIMITED	Director	25-06-06	25-06-06	-	Active	NO

Name :

Ms. Shalini Periwal

Designation :

Director

Address :

12, Amaltas Marg, DLF City, Phase - 1, Gurgaon-122002, Haryana, India

Date of Birth/Age :

31.10.1962

Qualification :

Graduate

Date of Appointment :

04.07.2000

DIN No.:

00164809

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	U36999DL1990PLC039035	WHITE MARK LIMITED	Director	04-07-00	04-07-00	-	Active	NO
2	U74996DL2006PTC150237	ALLIANCE INTERLINK PRIVATE LIMITED	Director	25-06-06	25-06-06	-	Active	NO

Name :

Sagarmall Periwal

Designation :

Director

Address :

Clubside Tours andTravels, J.P. Sharma Road, Darjeeling 734101

Date of Birth/Age :

10.08.1930

Date of Appointment :

04.07.2000

DIN No.:

00373190

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	U63040WB1986PTC041520	CLUBSIDE TOURS AND TRAVELS PVT. LTD.	Director	21-11-86	21-11-86	-	Active	NO
2	U36999DL1990PLC039035	WHITE MARK LIMITED	Director	04-07-00	04-07-00	-	Active	NO
3	U70109WB2011PTC168921	JAINARAYAN INFRAREALTY PRIVATE LIMITED	Director	27-10-11	27-10-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Tarun Periwal	265000
Shalini Periwal	386000
Sunil Dutt	1000
Ashok Kumar	9000
Inder Chand Bothra	11000
S.L. Periwal [as Karta Of S.L. Periwal and Sons (HUF)]	8000
Pallavi Periwal	30000
Ritika Periwal	30000
Umed Kumar Bothra	40000
Ajit Kumar Bothra	20000
Total	800000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	89.88
Other top fifty shareholders	10.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Writing Boards and Trading of Steel.
Brand Names :	Whitemark
Imports :
Products :	· Ceramicsteel Painted Steel
Countries :	· Belgium China
Terms :
Selling :	Credit (60 days)
Purchasing :	Credit (60 days)

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Actual Production
Writing Boards	sq. mtr	46919.04

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	52 (Approximately) [In Office: 12 + In Factory: 17 + In Branch: 23]
Bankers :	Yes Bank Limited, Ground Floor, G1, G2, G3, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, India

Banking Relations :	--
Auditors :
Name :	Sampat Jain and Associates Chartered Accountants
Address :	1^st Floor, Saraswati Appartment, Chilarai Nagar Path, Bhangaghar, Guwahati-781005, Assam, India
Tel. No.:	91-361-2464556 / 2467678
PAN No.:	AAHFS3251J
Associates/Subsidiaries :	Alliance Interlink Private Limited Address: M-1, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India Line of Business: Trading in Steel

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs. 8.000 Millions

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		8.000	8.000	8.000
2] Share Application Money		0.000	0.000	0.00
3] Reserves & Surplus		80.061	68.821	58.254
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.061	76.821	66.254
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.739
TOTAL BORROWING		0.000	0.000	0.739
DEFERRED TAX LIABILITIES		0.996	1.271	0.823
TOTAL		89.057	78.092	67.816
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.862	11.191	10.220
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.487	26.697	10.015
	Sundry Debtors	30.353	24.370	27.723
	Cash & Bank Balances	14.088	18.565	26.321
	Other Current Assets	6.212	6.469	5.006
	Loans & Advances	4.711	3.315	4.298
Total Current Assets		92.851	79.416	73.363
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	7.026	7.696	10.999
	Provisions	5.630	4.819	4.768
Total Current Liabilities		12.656	12.515	15.767
Net Current Assets		80.195	66.901	57.596
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		89.057	78.092	67.816

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	285.187	208.440	195.814
		Other Income	0.923	0.461	0.560
		TOTAL (A)	286.110	208.901	196.374
Less	EXPENSES
		Cost of Material Consumed	86.221	82.081
		Purchase of Stock in Trade	161.549	88.838
		Employee benefits expense	15.792	14.458
		Other Expenses	19.918	18.770
		Exceptional Items	0.618	(1.435)
		Changes in inventories of finished goods and stock in trade	(15.796)	(11.037)
		TOTAL (B)	268.302	191.675	181.067
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.808	17.226	15.307
Less	FINANCIAL EXPENSES (D)		0.246	0.218	0.326
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.562	17.008	14.981
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.967	1.096	0.881
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		16.595	15.912	14.100
Less	TAX (H)		5.355	5.267	4.793
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		11.240	10.645	9.307
	IMPORTS		173.912	116.641	NA
	Earnings / (Loss) Per Share (Rs.)		14.05	13.31	11.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.93	5.10	4.74
Net Profit Margin (PBT/Sales)	(%)	5.82	7.63	7.20
Return on Total Assets (PBT/Total Assets}	(%)	16.32	17.56	16.87
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		7.34	6.35	4.65

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 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	Yes
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	No
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

CORPORATE INFORMATION:

Subject is a limited company incorporated under the provisions of the Companies Act, 1353 bearing CIN No. U3G333DL1330PLC033035 the Company is engaged in business of manufacturing writing boards and trading in steel. The Company has its office registered office at M-1, Chiranjiv Tower, 43, Nehru Race, New Delhi 110013.

OPERATIONS AND PERFORMANCE

The company achieved a turnover of Rs 285.187 millions with a net profit of Rs 16.595 millions during the year as compared to a turnover of Rs. 208.440 millions and a net profit of Rs. 15.912 millions during the previous year. After making a provision of Rs 5.630 millions for Income Tax the net profit after tax amounted to Rs. 10.965 millions.

FIXED ASSETS

· Land and Site Development

Buildings

Rant and Equipment

Furniture and Fixture

Vehicles

Office Equipment

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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.