MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	WHITELAND ENGINEERING TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Opposite Bhaily Railway Station, Padra Road, Near Banco, Products of India Limited, Vadodara-391410, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.04.1999
Com. Reg. No.:	04-035760
Capital Investment / Paid-up Capital :	Rs.7.600 Millions
CIN No.: [Company Identification No.]	U32109GJ1999PTC035760
TAN No.: [Tax Deduction & Collection Account No.]	BRDW00034G
PAN No.: [Permanent Account No.]	AAACW2804R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Water Supply Valves and Civil Construction.
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 50500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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. Latest profit and loss of the company is not available.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Mr. Sant Kumar Tiwari
Designation :	Accounts Department
Contact No.:	91-265-2230070
Date :	04.09.2013

LOCATIONS

Registered Office :	Opposite Bhaily Railway Station, Padra Road, Near Banco, Products of India Limited, Vadodara-391410, Gujarat, India
Tel. No.:	Not Available
Mobile No. :	91-9825083083 (Mr. Dhaval Thakkar)
Fax No.:	Not Available
E-Mail :	whitelandengineering@gmail.com santoshkumar.bajpai@axisbank.com
Area :	15000 Sq. ft
Location :	Owned
Factory :	M.G. Road, H.R. Thakkar Estate, P.O. Bajva, Vadodara-391310, Gujarat, India
Tel. No.:	91-265-2230070 / 2230369 / 2230038
Fax No.:	92-265-2230070 / 2230369 / 2230038

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Dhaval Kumar Thakkar
Designation :	Director
Address :	H R Thakkar Estate, M G Road, P O Bajwa, Vadodara – 391310, Gujarat, India
Date of Birth/Age :	10.05.1974
Qualification :	Diploma in Engineering
Date of Appointment :	12.04.1999
Voter ID:	YMP2480176
DIN No.:	01091294
Name :	Mrs. Avni Dhaval Thakkar
Designation :	Director
Address :	H R Thakkar Estate, M G Road, P O Bajwa, Vadodara – 391310, Gujarat, India
Date of Birth/Age :	16.05.1977
Qualification :	Bachelor of Business Administration
Date of Appointment :	12.04.1999
DIN No.:	01091303
Name :	Mrs. Jayaben Bharat Thakkar
Designation :	Director
Address :	H R Thakkar Estate, M G Road, P O Bajwa, Vadodara – 391310, Gujarat, India
Date of Birth/Age :	14.05.1952
Qualification :	Bachelor of Commerce
Date of Appointment :	12.04.1999
DIN No.:	02110569

KEY EXECUTIVES

Name :	Mr. Sant Kumar Tiwari
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Dhaval Bharatkumar Thakkar	280000
Avani Dhavalbhai Thakkar	100000
Jayaben Bharatkumar Thakkar	380000
TOTAL	760000

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 of Water Supply Valves and Civil Construction.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 [Approximately]

Bankers :

• Axis Bank, Vardhman Complex, Opposite GEB Race Course, Vadodara-390007, Gujarat, India
• Bank of Baroda, Gorwa Branch
• Citibank
• HDFC Bank

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)
Car Loan	0.000	0.243
Term Loan – 1	0.860	1.051
Term Loan – 2	0.000	0.000
Short Term Borrowings
Loans Repayable on Demand
Form Bank
Axis Bank CC Account	4.005	4.505
TOTAL	4.865	5.799
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties	1.691	1.512
Other Loans and Advances
Dhananjay Pulse and Padi Process Mill	0.110	0.110
P C Snehal Construction Company	5.485	5.135
TOTAL	7.286	6.757
NOTES: The term loan from the bank consist of three term loan from Axis Bank. Car loan of Rs.0.243 millions (P.Y. Rs.0.632 millions) Term loan of Rs.1.274 millions (P.Y. Rs.1.692 millions) Term loan of Rs. Nil (P.Y. Rs.1.306 millions) Which are secured as far as car loan is concern, against hypothecation car and for other two terms loans, against hypothecation car and for other two terms loans, against hypothecation of specific plant and machinery and personal guarantee of directors. Of the above the current maturity of term loans Is Rs.0.243 million (P.Y. Rs.0.389 million) term loan Is Rs.0.414 million (P.Y. Rs.0.641 million) and term loan Is Rs. Nil (P.Y. Rs.1.306 millions) Bank loans repayable on demand consists of bank overdraft of Rs.4.005 Millions (P.Y. Rs.4.505 Millions) which is secured by hypothecation of stock abs book debts.

Banking Relations :	--
Auditors :
Name :	B N Gandhi and Company Chartered Accountants
Address :	501, Manubhai Towers, B Wing, Sayajigunj, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2361082
Fax No.:	91-265-2361082
Email:	mr_bngandhi@yahoo.com accounts@bngandhi.com
PAN No:	ACXPG1499P

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
760000	Equity Shares	Rs.10/- each	Rs.7.600 Millions

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	7.600	3.800
(b) Reserves & Surplus	5.029	6.252
(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)	12.629	10.052
(3) Non-Current Liabilities
(a) long-term borrowings	0.860	1.294
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.860	1.294
(4) Current Liabilities
(a) Short term borrowings	11.291	11.262
(b) Trade payables	30.690	27.079
(c) Other current liabilities	1.653	3.598
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	43.634	41.939
TOTAL	57.123	53.285
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.840	13.260
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	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	4.131	2.960
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	17.971	16.220
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.325	27.445
(c) Trade receivables	12.451	4.161
(d) Cash and cash equivalents	4.862	4.978
(e) Short-term loans and advances	0.012	0.000
(f) Other current assets	0.502	0.481
Total Current Assets	39.152	37.065
TOTAL	57.123	53.285

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.800
2] Share Application Money		0.000
3] Reserves & Surplus		4.136
4] (Accumulated Losses)		0.000
NETWORTH		7.936
LOAN FUNDS
1] Secured Loans		3.074
2] Unsecured Loans		0.745
TOTAL BORROWING		3.819
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.316
Capital work-in-progress		0.000
INVESTMENT		0.037
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.488
	Sundry Debtors	27.912
	Cash & Bank Balances	0.299
	Other Current Assets	0.000
	Loans & Advances	2.623
Total Current Assets		37.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	2.296
	Provisions	0.334
Total Current Liabilities		36.118
Net Current Assets		1.204
MISCELLANEOUS EXPENSES		0.198
TOTAL		11.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (Provisional)
	SALES
		Income	71.089
		Other Income	0.036
		TOTAL (A)	71.125
Less	EXPENSES
		Raw Material Consumed	58.639
		Cost of Goods Sold	0.000
		Power and Fuel	2.060
		Personnel Expenses	2.505
		Managerial Remuneration	0.840
		Other Administrative and Selling Expenses	1.774
		Increase / Decrease in Stock	0.103
		TOTAL (B)	65.921
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.204
Less	FINANCIAL EXPENSES (D)		0.516
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.688
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.842
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.846
Less	TAX (H)		0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.846
	Earnings / (Loss) Per Share (Rs.)		54.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	5.41
Net Profit Margin (PBT/Sales)	(%)	NA	NA	5.41
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	8.07
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.48
Debt Equity Ratio (Total Debt/Networth)		0.96	1.25	0.48
Current Ratio (Current Asset/Current Liability)		0.90	0.88	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	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 one year	Yes
12]	Profitability for one year	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)	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]	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10091467	09/03/2013 *	9,912,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B70674643
* Date of charge modification

FIXED ASSETS:

• Computers
• Dies, Mould and Tools
• Factory Building
• Furniture and Fixtures
• Indica Car
• Office Equipments

• Plant and Machinery

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.61.75
UK Pound	1	Rs.99.56
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.