MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	WILLIAM INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. C-9 TTC Industrial Estate, MIDC Pawane, Mumbai – 400613, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.04.2003
Com. Reg. No.:	11-140000
Capital Investment / Paid-up Capital :	Rs. 50.100 Millions
CIN No.: [Company Identification No.]	U18101MH2003PTC140000
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of a wide range of socks for ladies, gents, children and new born babies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears a huge accumulated loss because of which the net worth of the company has been completely eroded. However, business is active. Payments are recorded as slow. The company can be considered for business dealings on a safe and secured 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits – Cash Credit: B+
Rating Explanation	High risk of default
Date	February 2013

Rating Agency Name	ICRA
Rating	Fund based limits – Packing Credit / FBP and bill discounting: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 2013

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 :	Plot No. C-9 TTC Industrial Estate, MIDC Pawane, Mumbai – 400613, Maharashtra, India
Tel. No.:	91-22-27611628/27611629/27681359/26630339
Fax No.:	91-22-27681379
E-Mail :	tralsawalas@mtnl.net.in info@anchorsocks.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Kamal Narendernath Juneja

Designation :

Director

Address :

Idannamam, Road No 9, Juhu Vile Parle Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.06.1937

Date of Appointment :

23.02.2009

PAN No.:

ACLPJ4008N

DIN No.:

02601355

Name :

Mr. Chandrakanta Surendranath Juneja

Designation :

Director

Address :

Samrat, 8^th Road, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

26.01.1937

Date of Appointment :

23.02.2009

PAN No.:

AAGPJ8843A

DIN No.:

01368991

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	U65990MH1991PTC062839	NIKITA HOLDINGS PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	NO
2	U17120MH1994PTC076395	SANGEETA YARN PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	YES
3	U67120MH1991PTC062782	VIDUR HOLDINGS PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	NO
4	U72101MH1993PTC072164	RAJ SHELTER PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
5	U18101MH2003PTC140000	WILLIAM INDUSTRIES PRIVATE LIMITED	Director	23/02/2009	23/02/2009	-	Active	NO

Name :

Mr. Vivek Surendranath Juneja

Designation :

Director

Address :

07.02.1964

Date of Birth/Age :

Samrat Presidency Society, 8^th Road, Vile Parle, Mumbai – 400049, Maharashtra, India

Date of Appointment :

10.04.2003

PAN No.:

AAAPJ7633C

DIN No.:

00334326

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	U18101MP1984PTC002667	GLOBAL KNITS PRIVATE LIMITED	Director	10/12/1984	10/12/1984	-	Active	NO
2	U51900MH1951PTC008638	CHAMPAKLAL AND BROTHERS PRIVATE LIMITED	Director	15/10/1993	15/10/1993	04/07/2011	Active	NO
3	U18101MH2003PTC140000	WILLIAM INDUSTRIES PRIVATE LIMITED	Director	10/04/2003	10/04/2003	-	Active	NO
4	U24100MH1972PTC015605	NARVIN CHEMICALS PRIVATE LIMITED	Director	10/04/2003	10/04/2003	-	Active	NO
5	U51900MH2004PTC050625	JUNEJA IMPEX PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
6	U99999MH1998PTC117464	ANCOLON TEXTILES PRIVATE LIMITED	Director	06/06/2006	06/06/2006	-	Active	NO
7	U72101MH1993PTC072164	RAJ SHELTER PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
8	U52190WB2011PTC162548	SARBARI VINCOM PRIVATE LIMITED	Director	24/11/2012	24/11/2012	-	Active	NO

Name :

Mr. Manoj Narendernath Juneja

Designation :

Director

Address :

Idannamam Presidency Society, Road No 9, Juhu Vile Parle Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

17.10.1961

Date of Appointment :

10.04.2003

PAN No.:

AAAPJ7634F

DIN No.:

00334413

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	U18101MP1984PTC002667	GLOBAL KNITS PRIVATE LIMITED	Director	01/01/1987	01/01/1987	-	Active	NO
2	U51900MH1951PTC008638	CHAMPAKLAL AND BROTHERS PRIVATE LIMITED	Director	15/10/1993	15/10/1993	15/01/2010	Active	NO
3	U99999MH1998PTC117464	ANCOLON TEXTILES PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
4	U18101MH2003PTC140000	WILLIAM INDUSTRIES PRIVATE LIMITED	Director	10/04/2003	10/04/2003	-	Active	NO
5	U24100MH1972PTC015605	NARVIN CHEMICALS PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
6	U51900MH2004PTC050625	JUNEJA IMPEX PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
7	U72101MH1993PTC072164	RAJ SHELTER PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Chandrakanta Surendranath Juneja	1502500
Vivek Surendranath Juneja	1502500
Kamal Narendernath Juneja	1502500
Manoj Narendernath Juneja	1502500
Total	6010000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of a wide range of socks for ladies, gents, children and new born babies.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Dena Bank, ‘Solitude’ Plot No. 410, TPS – III, Bhagoji Keer Marg, Mahim (West), Mumbai – 400016, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working capital loans from banks	64.148	60.108
Total	64.148	60.108

Banking Relations :	--
Auditors :
Name :	Tralshawala Associates Chartered Accountants
Address :	A-5 First Floor, Shalimar Shopping Centre, Behind Dena Bank, Station Road, Bharuch – 392001, Gujarat, India
PAN No.:	AACFT1726G
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Narvin Chemicals Private Limited, India (CIN: U24100MH1972PTC015605) · Global Knits Private Limited, India (CIN: U18101MP1984PTC002667) · Juneja Impex Private Limited, India (CIN: U51900MH2004PTC050625)

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6010000	Equity Shares	Rs.10/- each	Rs. 60.100 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5010000	Equity Shares	Rs.10/- each	Rs. 50.100 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		50.100	50.100	50.100
2] Share Application Money		10.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(55.261)	(55.540)	(55.287)
NETWORTH		4.839	(5.440)	(5.187)
LOAN FUNDS
1] Secured Loans		64.148	60.108	49.853
2] Unsecured Loans		0.000	0.000	79.975
TOTAL BORROWING		64.148	60.108	129.828
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		68.987	54.668	124.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.950	31.215	34.989
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		2.606	2.318	2.004
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.675	75.585	74.374
	Sundry Debtors	23.334	16.874	20.962
	Cash & Bank Balances	0.938	0.979	0.950
	Other Current Assets	0.506	0.506	0.000
	Loans & Advances	24.425	17.606	17.728
Total Current Assets		119.878	111.550	114.014
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.616	15.556	24.241
	Other Current Liabilities	64.831	74.859	2.125
	Provisions	0.000	0.000	0.000
Total Current Liabilities		80.447	90.415	26.366
Net Current Assets		39.431	21.135	87.648
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.987	54.668	124.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Revenue	155.931	158.929	148.312
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.943	4.541	5.836
	DEPRECIATION/ AMORTISATION		4.523	5.271	5.697
	PROFIT / (LOSS) BEFORE TAX		(0.008)	(0.567)	0.655
Less	TAX		(0.287)	(0.314)	0.000
	PROFIT / (LOSS) AFTER TAX		0.279	(0.253)	0.655
	Earnings Per Share (Rs.)		0.05	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.51	0.57
Return on Investment (ROI) (PBT/Networth)		0.00	0.10	0.13
Debt Equity Ratio (Total Debt /Networth)		13.26	11.05	25.03
Current Ratio (Current Asset/Current Liability)		1.49	1.23	4.32

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	No
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	Yes
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]	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

Note: Registered office of the company has been shifted from 'B' Building, 1st Floor Champakali - Building Ganpati Baug Opposite Swan - Mill T J Road, Sewri West, Mumbai – 400015, Maharashtra, India to the present address w.e.f 01.08.2007

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U18101MH2003PTC140000
Name of the company	WILLIAM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. C-9 TTC Industrial Estate, MIDC Pawane, Mumbai – 400613, Maharashtra, India Email: tralsawalas@mtnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90148967
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	(CIN: U18101MH2003PTC140000) Dena Bank, ‘Solitude’ Plot No. 410, TPS – III, Bhagoji Keer Marg, Mahim (West), Mumbai – 400016, Maharashtra, India Email: mahim@denabank.co.in
Nature of instrument creating charge	Memorandum of modification of hypothecation agreement
Date of instrument Creating the charge	27.10.2012
Amount secured by the charge	Rs.74.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: Base rate + 4.05% p.a. floating with monthly rest or any other rate as may be stipulated by the bank from time to time. Terms of Repayment On demand Margin Margin to be maintained at 25% on stock and 40% on book debts or at such other rate as may be required by the bank from time to time. Extent and Operation of the charge Security created by way of first charge and to cover the principal amount together with interest, damages, costs, charges, expenses etc. Others Security created in respect of the following credit facilities: 1) Cash credit hypo of Stock/BD Rs. 70.000 Millions with sub limit of PC/FBP (15.000 Millions) Bill Discounting (15.000 Millions) 2) Bank Guarantee Rs. 4.000 Millions Total.. Rs. 74.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock of raw materials, semi finished goods and finished goods of all kinds of cotton / nylon / elastic yarns, socks, etc., consumable stores, spares and packing materials used for manufacturing, stock in process, both present and future, now being or hereafter brought into or upon or now or hereafter in course of transit to any godowns, jathas or factory at C-9, TTC Industrial Estate, MIDC, Pawane, District Thane or any other place whatsoever and wheresoever in the possession or occupation of the company. All present and future book debts, outstanding, moneys, receivables, claims, bills, rights to or in movable properties and movable assets and which are now due, owing or payable or belonging to the company or which may at any time become due, owing , payable or belonging to the company, in the course of its business by any person, firm, company or body corporate or by the Government, Central or State or India Rlys, any Government Department or office of any Municipal or local or public or Semi Govt. body or authority or anybody corporate or undertaking or project whatever in the public sector. All tangible movable properties and assets of whatsoever nature, including plant, machinery, tools and accessories, stores, spares, relating to the plant, machinery, furnitures, articles, office eqpmts computers, and things belonging to the company and lying at their premises/factories at Mumbai and /or other places, being movable properties and capable of passing by delivery, both present and future, whether installed or not and whether now lying loose or in cases and now being or at any time hereinafter brought into or upon or at any time in course of transit to the premises / factories of the Co. either by way of substitution or in addition or other place/s whatsoever and wheresoever in the possession or occupation of the company.
Date of instrument modifying the charge	10.01.2011
Particulars of the present modification	It is agreed between the parties hereto that the said maximum limit of Rs. 60.000 Millions in respect of all or some or any of the said credit facilities account be increased to the maximum extent of Rs. 70.000 Millions. Bank guarantee unchanged at Rs.4.000 Millions.

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.52

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.