MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	WESTWAY ELECTRONICS LIMITED

Registered Office :	Plot No C – 189, Naryana Industrial Area, Phase – 1, New Delhi - 110028

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.09.1994

Com. Reg. No.:	55-061330

Capital Investment / Paid-up Capital :	Rs.6.000Millions

CIN No.: [Company Identification No.]	U74899DL1994PLC061330

TIN No.:	07620263195 – Delhi 09665706137 – UP 02020501126 – Himachal Pradesh

PAN No.: [Permanent Account No.]	AAACW0720C

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Trader, Exporter and Importer of LED Television, DVD Players, Computer / Multi – Media Speakers, Induction Cooker, Washers and Washing Machines etc.

No. of Employees :	125(Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 80000

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having Moderate track. Management has reported a slightly leveraged capital structured during FY14. However, Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of modest scale of its operations, the company can be considered for business dealings with caution.

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Swati Sharma
Designation :	Manager
Contact No.:	91-9643898058
Date :	17.12.2014

LOCATIONS

Registered Office :	Plot No C – 189, Naraina Industrial Area, Phase – 1, New Delhi – 110028, India
Tel. No.:	91-11-453052222
Mobile No.:	91-9654286374 / 9810005220 (Mr. Sumit Mani)
Fax No.:	91-11-41411110
E-Mail :	info@weston.co.in
Website :	http://www.weston.co.in

Factory 1 :	B – 102, Phase – II, Noida – 201305 (U.P)
Tel. No.:	91-120-4543114
Fax No.:	91-1204543115
E-Mail :	info@weston.co.in

Factory 2 :	144, 122 Gumma, Parwanoo, Solan, Kasauli, Himachal Pradesh, India

DIRECTORS

AS ON 30.09.2014

Name :

Rajender Maini

Designation :

Director

Address :

B – 12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

29.08.2001

DIN No.:

01367927

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	U18101DL2000PTC108444	ESKON EXPORTS PRIVATE LIMITED	Director	08-12-2000	08-12-2000	-	Active	NO
2	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	29-08-2001	29-08-2001	-	Active	NO
3	U85110DL2003PTC123280	BROADWAY HOSPITALITY SERVICES PRIVATE LIMITED	Director	11-01-2006	11-01-2006	04-11-2010	Active	NO
4	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Additional director	15-12-2010	15-12-2010	15-03-2012	Active	NO
5	U32109DL2009PTC187183	Vtronix Infotech Private Limited	Additional director	01-05-2012	01-05-2012	-	Active	NO

Name :

Sumit Maini

Designation :

Director

Address :

B – 12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

28.04.1976

Date of Appointment :

01.03.2005

DIN No.:

01368100

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	U18101DL2000PTC108444	ESKON EXPORTS PRIVATE LIMITED	Director	08-12-2000	08-12-2000	-	Active	NO
2	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	01-03-2005	01-03-2005	-	Active	NO
3	U32109DL2009PTC187183	Vtronix Infotech Private Limited	Director	03-02-2009	03-02-2009	20-03-2010	Active	NO
4	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Additional director	15-12-2010	15-12-2010	14-03-2012	Active	NO

Name :

Amit Maini

Designation :

Director

Address :

B – 12, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

21.11.1983

Date of Appointment :

01.03.2005

DIN No.:

01618958

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	U74899DL1994PLC061330	WESTWAY ELECTRONICS LIMITED	Director	01-03-2005	01-03-2005	-	Active	NO
2	U32109DL2009PTC187183	Vtronix Infotech Private Limited	Additional director	01-04-2011	03-02-2009	03-05-2012	Active	NO
3	U18101DL2004PTC130551	A N A FASHIONS PRIVATE LIMITED	Director	16-12-2010	16-12-2010	01-03-2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati Sharma
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
R L Juneja	10
Sumit Maini	279950
Sushma Maini	50010
Amit Maini	270000
Shibani Maini	10
Suchita Maini	10
Surinder Pal Singh	10
Total	600000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of LED Television, DVD Players, Computer / Multi – Media Speakers, Induction Cooker, Washers and Washing Machines etc.

Products :	LED Television LCD Television DVD Players Computer / Multi-Media Speakers Induction Cooker Washers and Washing Machines etc.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	LED Television LCD Television DVD Players Computer / Multi-Media Speakers Induction Cooker Washers and Washing Machines etc.
Countries :	Not Divulged

Imports :
Products :	Raw Materials
Countries :	Not Divulged

Terms :
Selling :	Cash and Credit (30 days)

Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
--	--	--
--	--	--

Remark:

Not Divulged

Customers :

Wholesalers
OEM’s

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
--	--	--
--	--	--

Remark:

Not Divulged

No. of Employees :

125 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
HDFC Auto Loan	0.000	0.274
Buyers Credit (foreign Currency)	30.051	0.000
LC Discounting	0.000	0.000
HDFC Bank CC - TL	6.796	10.655
Deustch Bank - TL	16.773	18.322
Total	53.620	29.251


Banking Relations :	---

Auditors :
Name :	N.K. Nagpaul and company Chartered Accountants
Address :	M – 15 and 22 Balrama House, Comm. Complex, Karam Pura, New Delhi – 110015, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPN8928B

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

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

600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.000	6.000	6.000
(b) Reserves & Surplus	26.979	21.994	19.807
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Share Premium Account	8.000	8.000	8.000
Total Shareholders’ Funds (1) + (2) + (3)	40.979	35.994	33.807

(3) Non-Current Liabilities
(a) long-term borrowings	81.671	54.251	54.318
(b) Deferred tax liabilities (Net)	7.987	7.965	7.237
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.200	1.200	0.000
Total Non-current Liabilities (3)	90.858	63.416	61.555

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	60.497	32.229	18.492
(c) Other current liabilities	16.167	6.293	2.528
(d) Short-term provisions	0.400	0.200	0.000
Total Current Liabilities (4)	77.064	38.722	21.020

TOTAL	208.901	138.132	116.382

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.446	57.771	63.428
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.451	1.224	0.889
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	54.897	58.995	64.317

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.052	26.881	32.032
(c) Trade receivables	66.402	37.486	7.770
(d) Cash and cash equivalents	2.556	0.915	1.191
(e) Short-term loans and advances	26.994	13.855	11.072
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	154.004	79.137	52.065

TOTAL	208.901	138.132	116.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	451.022	292.648	131.736
	Other Income	1.939	5.888	5.961
	TOTAL	452.961	298.536	137.697

Less	EXPENSES
	Cost of Materials Consumed	410.474	269.285	116.744
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Selling & Distribution Expenses	32.131	7.151	2.031
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.202)	(0.756)	(4.989)
	Employees benefits expense	9.588	7.659	4.280
	Other expenses	6.089	4.366	6.060
	TOTAL	440.080	287.705	124.126

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.881	10.831	13.571

Less	FINANCIAL EXPENSES	4.065	4.070	7.054

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.816	6.761	6.517

Less/ Add	DEPRECIATION/ AMORTISATION	3.610	3.646	3.818

	PROFIT/ (LOSS) BEFORE TAX	5.206	3.115	2.699

Less	TAX	0.200	0.200	0.453

	PROFIT/ (LOSS) AFTER TAX	5.006	2.915	2.246

	Earnings / (Loss) Per Share (Rs.)
	Basic	8.34	4.86	3.74
	Diluted	8.34	4.86	3.74

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.11	1.00	1.70

Operating Profit Margin (PBIDT/Sales)	(%)	2.86	3.70	10.30

Return on Total Assets (PBT/Total Assets}	(%)	2.49	2.26	2.32

Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.08

Debt Equity Ratio (Total Debt /Networth)		1.99	1.51	1.61

Current Ratio (Current Asset/Current Liability)		2.00	2.04	2.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.000	6.000	6.000
Reserves & Surplus	19.807	21.994	26.979
Net worth	25.807	27.994	32.979

long-term borrowings	54.318	54.251	81.671
Short term borrowings	0.000	0.000	0.000
Total borrowings	54.318	54.251	81.671
Debt/Equity ratio	2.105	1.938	2.476

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	131.736	292.648	451.022
		122.147	54.118

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	131.736	292.648	451.022
Profit	2.246	2.915	5.006
	1.70%	1.00%	1.11%

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10211530	19/08/2014 *	115,472,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C20084968
2	80000492	14/08/2014 *	115,472,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C18315911

* Date of charge modification

UNSECURED LOAN

PARTICULARS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

From Directors and Relatives

28.051

25.000

Total

28.051

25.000

FIXED ASSETS

Tangible Assets

Land
Building
Plant and Machinery
Air Conditioners
Car
Mahindra Champion
Two Wheeler
Furniture and Fixtures
Mobile Phone
Computers
UPS

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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		31

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.