MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	GLOBAL WOOL ALLIANCE PRIVATE LIMITED
Formerly Known As :	SANVIJAY ALLOYS PRIVATE LIMTIED (w.e.f. 09.05.2000) RAMSONS ALLOYS PRIVATE LIMITED
Registered Office :	Village Kalamgaon, Shahpur, Thane-421601, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.09.1994
Com. Reg. No.:	11-080847
Capital Investment / Paid-up Capital :	Rs. 468.713 Millions
CIN No.: [Company Identification No.]	U51900MH1994PTC080847
PAN No.: [Permanent Account No.]	AAACM4121H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wool Tops, Worsted Woolen Yarn and Worsted Grey Fabric.
No. of Employees :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 470000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 DECLINED

Management is non co-operative

Tel. No.: 91-2527-243107/8

LOCATIONS

Registered Office/ Factory :	Village Kalamgaon, Shahpur, Thane-421601, Maharashtra, India
Tel. No.:	95-2527-243106/ 7/ 8
Fax No.:	95-2527-243113
E-Mail :	jitendra.aphale@globalwoolalliance.com info@globalwoolalliance.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. George Gu
Designation :	Nominee Director
Address :	9^th Floor, 320 Chung Hslao East Road, Section 4, Taipet, Taiwan, Taipet 10514, Taiwan, Province of China
Date of Birth/Age :	26.08.1947
Date of Appointment :	31.12.2007
DIN No.:	00440365
Name :	Mr. Michael John Davis
Designation :	Nominee Director
Address :	36 Deakin Street, Essendon, Melbourne Victoria, 3040 Australia
Date of Birth/Age :	19.01.1961
Date of Appointment :	31.12.2007
DIN No.:	01416414
Name :	Mr. Vivek Kishorchandra Mehta
Designation :	Director
Address :	704 Aditya A Cosmos Heritage, Opposite Happy Vallye, Thane-400610, Maharashtra, India
Date of Birth/Age :	25.08.1970
Date of Appointment :	09.10.2007
DIN No.:	01847705
Name :	Mr. William Dougall Lempriere
Designation :	Nominee Director
Address :	52 Mckinley Ave, Malvern Malvern, 3144, Australia
Date of Birth/Age :	21.12.1967
Date of Appointment :	25.07.2008
DIN No.:	02466107

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Investment GWA Pty Limited, Australia	70325695
GTM (Asia) Investments Holding Limited, Virgin Islands	21716984
Lempriere Pty Limited	1700000
Total	93742679

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

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 of Wool Tops, Worsted Woolen Yarn and Worsted Grey Fabric.

GENERAL INFORMATION

No. of Employees :

Information Decline by the management

Bankers :

• ING Vyasya Bank Limited, Ground Floor Bhupali Society, Ram Maruti Road, Naupada, Thane-400602, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Term loans from banks	3.789	18.942
Other loans and advance	0.625	1.143
Short term borrowings
Rupee term loans from banks	50.506	50.543
Other loans and advances, others	42.647	15.691
Total	97.567	86.319

Banking Relations :	--
Financial Institute:	Lempriere Australia Pty. Limited, 7/460, Collins Street, Melbourne VIC 3000, Melbourne-72556, Australia The Industrialisation Fund For Developing Company, Bremerholm 4, Dk 1069, Copenhagen - 001069, Denmark
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	B2, 402 B, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Opposite Peninsula Corporate Park, Lowel Parel Mumbai – 400013, Maharashtra, India
PAN No.:	AASFS9578D
Holding Company :	Investment GWA Pty Limited
Subsidiaries :	Georgia Gulliani Fashions Private Limited

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
94000000	Equity Shares	Rs.5/- each	Rs. 470.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
93742679	Equity Shares	Rs.5/- each	Rs. 468.713 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	468.713	468.713
(b) Reserves & Surplus	(349.897)	(363.468)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	118.816	105.245
(3) Non-Current Liabilities
(a) long-term borrowings	4.414	20.085
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.711	0.381
(d) long-term provisions	4.288	2.236
Total Non-current Liabilities (3)	9.413	22.702
(4) Current Liabilities
(a) Short term borrowings	93.153	66.234
(b) Trade payables	349.243	500.277
(c) Other current liabilities	167.888	35.917
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	610.284	602.428
TOTAL	738.513	730.375
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	361.790	324.532
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	7.122	42.525
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.101	0.101
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	2.057
(e) Other Non-current assets	164.581	164.581
Total Non-Current Assets	533.594	533.796
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	112.540	76.607
(c) Trade receivables	38.732	55.182
(d) Cash and cash equivalents	5.090	4.605
(e) Short-term loans and advances	7.474	15.632
(f) Other current assets	41.083	44.553
Total Current Assets	204.919	196.579
TOTAL	738.513	730.375

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		468.713
2] Share Application Money		0.000
3] Reserves & Surplus		100.263
4] (Accumulated Losses)		[450.566]
NETWORTH		118.410
LOAN FUNDS
1] Secured Loans		79.231
2] Unsecured Loans		0.000
TOTAL BORROWING		79.231
DEFERRED TAX LIABILITIES		0.000
TOTAL		197.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		352.460
Capital work-in-progress		25.523
INVESTMENT		0.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.844
	Sundry Debtors	222.870
	Cash & Bank Balances	29.228
	Other Current Assets	0.172
	Loans & Advances	63.873
Total Current Assets		454.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	547.934
	Other Current Liabilities	79.850
	Provisions	7.546
Total Current Liabilities		635.330
Net Current Assets		(180.343)
MISCELLANEOUS EXPENSES		0.000
TOTAL		197.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales, Processing and Other Income	653.951	495.505	863.435
		TOTAL	653.951	495.505	863.435
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	640.643	507.893	881.809
	PROFIT / (LOSS) BEFORE TAX		13.999	(12.735)	(18.374)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		13.999	(12.735)	(18.374)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(463.301)	(450.566)	(432.192)
	BALANCE CARRIED TO THE B/S		(449.302)	(463.301)	(450.566)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	107.643	289.568
		Processing Charges	NA	0.078	0.000
		Commission	NA	4.055	0.000
	TOTAL EARNINGS		NA	111.776	289.568
	IMPORTS
		Raw Materials	NA	0.626	221.091
		Stores & Spares	NA	13.051	12.369
		Plant and Machinery	NA	3.811	114.560
		Chemical Purchased	NA	0.315	0.000
	TOTAL IMPORTS		NA	17.803	348.020
	Earnings Per Share (Rs.)		0.15	(0.14)	(0.21)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.15	(2.58)	(2.13)
Return on Total Assets (PBT/Total Assets}	(%)	1.91	(1.85)	(2.28)
Return on Investment (ROI) (PBT/Networth)		0.11	(0.12)	(0.16)
Debt Equity Ratio (Total Debt/Networth)		0.82	0.82	0.67
Current Ratio (Current Asset/Current Liability)		0.33	0.32	0.72

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	No

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	As on 31.03.2012	As on 31.03.2011	As on 31.03.2010
Current maturities of long-term debt	0.000	0.000	0.000
Total	0.000	0.00	0.000

Note: No Charges Exist for Company

Fixed Assets:

· Freehold Land

· Building

· Leasehold Improvement

· Computers

· Office Equipments

· Furniture and Fixture

· 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. 61.78
UK Pound	1	Rs. 99.66
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		27

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.