MIRA INFORM REPORT

Report No. :	335886
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	WOODBRIDGE FOAM PRIVATE LIMITED (w.e.f. 12.09.2014)
Formerly Known As :	SHEELA WOODBRIDGE URETHANES PRIVATE LIMITED
Registered Office :	1005, Roots Tower, Plot No. 7, District Centre, Laxmi Nagar, Delhi - 110092
Mobile No.:	91-7405171662 (Mr. Shridhar)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.08.2006
Com. Reg. No.:	55-152496
Capital Investment / Paid-up Capital :	Rs. 152.699 Million
CIN No.: [Company Identification No.]	U25206DL2006PTC152496
IEC No.:	0507065123
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Molded polyurethane foams
No. of Employees :	73 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 a subsidiary “Woodbridge Foam Corporation” Canada, It is an established company incorporated during the year 2006 having a moderate track record. The company has incurred a heavy loss during FY 2014 which has fully eroded its entire net worth. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured trade terms and condition.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shridhar
Designation :	Purchase Manager
Contact No.:	91-7405171662
Date :	07.08.2015

LOCATIONS

Registered Office :	1005, Roots Tower, Plot No. 7, District Centre, Laxmi Nagar, Delhi - 110092
Tel. No.:	Not Available
Mobile No.:	91-7405171662 (Mr. Shridhar) 91-972520356 (Dhandeep)
Fax No.:	Not Available
E-Mail :	rajiv.kashyap@sheelafoam.com info@woodbridgegroup.com
Website :	www.woodbridgegroup.com
Location :	Rented
Factory 1 :	37/2, Site IV, Industrial Area, Sahibabad, Ghaziabad-201010, Uttar Pradesh, India
Tel No.:	91-120-2775425
Fax No.:	91-120-2775427
Factory 2 :	Survey No. 434, Village Chharodi, Sanand, Viramgam Highway, Ahmedabad – 382170, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Deepak Manchanda
Designation :	Whole-time director
Address :	C2-802, Parsvnath Exotica, Golf Course Road, Sector- 53, Gurgaon - 122001, Haryana, India
Date of Appointment :	24.01.2015
DIN No.:	07074655
Name :	Mr. Martino Joseph Mazza
Designation :	Director
Address :	1131, Westdale Road, Oakville, Ontario, L6l6p5, Canada
Date of Birth/Age :	22.12.19610
Date of Appointment :	26.08.2006
DIN No.:	00325905
Name :	Mr. Christopher Michael Wenaas
Designation :	Director
Address :	425 Springview Drive, Rochester, Michigan, 48307, United States Of America
Date of Birth/Age :	09.12.1960
Date of Appointment :	09.11.2012
DIN No.:	01287295

KEY EXECUTIVES

Name :	Supriya Garg
Designation :	Secretary
Address :	H. No. 268, Ward No. 13, Khajuri Wara, Sohna, Gurgaon - 122103, Haryana, India
Date of Appointment :	01.10.2014
PAN No:	AIWPG5761C
Name :	Mr. Shridhar
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Woodbridge Foam International Limited, Canada	21259880
781766 Ontario Limited, Canada	10000
Total	21269880

AS ON 02.03.2015

Names of Allottess	No. of Shares
Woodbridge Foam International Limited, Canada	15730120
Total	15730120

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Molded polyurethane foams.
Products :	Molded polyurethane foams
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Korea Taiwan Australia
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

73 (Approximately)

Bankers :

Central Bank of India, Parliament Street Branch, Jeevan Tara Building, Parliament Street, New Delhi - 110001, Delhi, India

Banker Name	United Bank of India
Branch Address	Delhi Oberoi Hotel Branch, Dr. Zakir Hussain Marg, New Delhi - 110003, Delhi, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	66.872	91.503
Long-term maturities of finance lease obligations	0.000	0.252
SHORT TERM BORROWING
Working capital loans from banks	13.455	20.001
Total	80.327	111.756

Auditors :
Name :	S Agarwal and Company Chartered Accountant
Address :	123, Vinoba Puri, Lajpat Nagar, New Delhi—110065, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACFFS3175H
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Woodbridge Foam Corporation, Canada
Associates:	Sheela Foam Private Limited, India Xanathane Systems, United States

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 400.000 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21269880	Equity Shares	Rs.10/- each	Rs. 212.699 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15269880	Equity Shares	Rs.10/- each	Rs. 152.699 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	152.699	152.699	108.399
(b) Reserves & Surplus	(153.219)	(141.876)	(96.662)
(c) Money received against share warrants	20.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.480	10.823	11.737
(3) Non-Current Liabilities
(a) long-term borrowings	66.872	154.864	200.006
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.340	0.823	0.551
Total Non-current Liabilities (3)	67.212	155.687	200.557
(4) Current Liabilities
(a) Short term borrowings	13.455	20.001	13.288
(b) Trade payables	124.329	157.319	73.971
(c) Other current liabilities	31.693	36.103	152.594
(d) Short-term provisions	0.016	0.102	0.013
Total Current Liabilities (4)	169.493	213.525	239.866
TOTAL	256.185	380.035	452.160
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.078	160.478	182.197
(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)	72.504	81.900	53.546
(d) Long-term Loan and Advances	2.746	3.281	1.348
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	213.328	245.659	237.091
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.643	46.679	18.939
(c) Trade receivables	14.628	65.297	86.695
(d) Cash and cash equivalents	0.723	0.658	83.538
(e) Short-term loans and advances	13.863	21.742	25.897
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	42.857	134.376	215.069
TOTAL	256.185	380.035	452.160

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	225.247	348.132	230.926
	Other Income
	TOTAL	225.247	348.132	230.926
Less	EXPENSES	227.194 (Including financial expenses and Depreciation)	367.845	252.509
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(19.713)	(21.583)
Less	FINANCIAL EXPENSES		26.036	18.594
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(45.749)	(40.177)
Less/ Add	DEPRECIATION/ AMORTISATION		27.819	30.642
	PROFIT/ (LOSS) BEFORE TAX	(1.947)	(73.568)	(70.819)
Less	TAX	9.396	(28.354)	(8.726)
	PROFIT/ (LOSS) AFTER TAX	(11.343)	(45.214)	(62.093)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(141.876)	(96.662)	NA
	Balance Carried to the B/S	(153.219)	(141.876)	NA
	EARNINGS IN FOREIGN CURRENCY
	Export of IT Services	13.645	18.080	13.404
	TOTAL EARNINGS	13.645	18.080	13.404
	IMPORTS
	CIF Value of Import Raw Material & Consumables	4.554	37.989	NA
	TOTAL IMPORTS	4.554	37.989	NA
	Earnings / (Loss) Per Share (Rs.)	(0.74)	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	28.061	28.061	28.061
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	101.362	(27.642)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.06)	(24.68)	(17.77)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(6.80)	(6.03)
Debt Equity Ratio (Total Debt /Networth)		5.56	18.75	20.56
Current Ratio (Current Asset/Current Liability)		0.25	0.63	0.90

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	108.399	152.699	152.699
Reserves & Surplus	(96.662)	(141.876)	(153.219)
Money received against share warrants	0.000	0.000	20.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11.737	10.823	19.480
long-term borrowings	200.006	154.864	66.872
Short term borrowings	13.288	20.001	13.455
Current maturities of long-term debts	28.061	28.061	28.061
Total borrowings	241.355	202.926	108.388
Debt/Equity ratio	7.605	18.750	(208.438)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	230.926	348.132	225.247
		50.755	(35.298)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	230.926	348.132	225.247
Profit	(62.093)	(45.214)	(11.343)
	(26.89%)	(12.99%)	(5.04%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate borrowings	0.000	63.109
Total	0.000	63.109

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Tangible assets

• Plant and equipment
• Furniture and fixtures
• 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.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		17

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.