MIRA INFORM REPORT

Report No. :	307110
Report Date :	10.02.2015

IDENTIFICATION DETAILS

Name :	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED
Registered Office :	3 Kabir Marg, Lucknow – 226024, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.01.1986
Com. Reg. No.:	20-007640
Capital Investment / Paid-up Capital :	Rs.14.008 Millions
CIN No.: [Company Identification No.]	U34102UP1986PTC007640
TAN No.: [Tax Deduction & Collection Account No.]	LKNT05051E
PAN No.: [Permanent Account No.]	AAACT8935C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Wind Screen Wiper, Automotive Rubber Parts etc.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealing at usual 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long term bank facilities=BB
Rating Explanation	Have inadequate credit quality and high credit risk.
Date	02.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities=A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	02.02.2015

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 DENIED BY

Name :	Mr. Ashok Kumar Dubey
Designation :	Accounts Executive
Contact No.:	91-5361-270071
Date :	09.02.2015

LOCATIONS

Registered Office :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Tel. No.:	91-522-2215078/ 2212733
Fax No.:	91-522-2210719/ 2107020
Email:	Rajeev2129@rediffmail.com lucknow@wlipleindia.com
Factory 1 :	C-29 and 30, Sector - 20, Jagdishpur Industrial Area, District Sultanpur-227817,Uttar Pradesh, India
Tel. No.:	91-5361-270071-73/ 270250/270260
Fax No.:	91-5361-270070
Email:	jagdishpur@wipeindia.com
Factory 2 :	Unit-3, Gat No 617, Mahalunge (I) T Chakan Talegaon Road, Chakan, Pune-410501, Maharashtra, India
Factory 3 :	Plot No. 79, Sector – 6, Growth Cnetre, Bawal, Haryana, India
Factory 4 :	Plot No. D – 35 and D – 36 at Industrial Area, Jagdishpur, Sultanpur, Uttar Pradesh, India
Factory 5 :	Plot No.9, Marai Marai Industrial Area, Phase II, Chennai, Tamilnadu, India

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Kamlesh Prasad
Designation :	Managing Director
Address :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	02.07.1957
Date of Appointment :	21.01.1986
DIN No.:	00207861
Name :	Mr. Paresh Prasad
Designation :	Whole Time Director
Address :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	01.07.1960
Date of Appointment :	21.01.1986
DIN No.:	00207899
Name :	Mr Shivesh Prasad
Designation :	Additional Director
Address :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	07.01.1989
Date of Appointment :	29.09.2012
DIN No.:	05123425

KEY EXECUTIVES

Name :	Mr. Ashok Kumar Dubey
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

AS ON 30.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	81.93
Other top fifty shareholders	18.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Wind Screen Wiper, Automotive Rubber Parts etc.
Products :	Wind Screen Wiper Automotive Rubber Parts
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers, OEMs

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, Commercial Branch, 6A, Way Road, Gokhley Marg, Lucknow-226001, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks	43.408	48.646
Deferred Payment liabilities	14.395	16.593
Other loans and advances	13.484	8.087
Short Term Borrowings
Loans repayable on demand from banks	169.080	144.119
Total	240.367	217.445

Banking Relations :	--
Auditors :
Name :	Manoj Bhatnagar and Company Chartered Accountant
Address :	2^nd Floor, 33 Nehru Road, Near Sadar Gurudwara Cant, Lucknow-226002, Uttar Pradesh, India
Tel. No.:	91-522-2480384/ 2630373
PAN No.:	AAIFM5659H
Membership :	--
Associate :	WIPE India Automotive Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1400755	Equity Shares	Rs.10/- each	Rs. 14.008 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.008	14.008	12.674
(b) Reserves & Surplus	179.607	145.390	113.207
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.998	0.998	0.000
Total Shareholders’ Funds (1) + (2)	194.613	160.396	125.881
(3) Non-Current Liabilities
(a) long-term borrowings	71.287	73.326	52.085
(b) Deferred tax liabilities (Net)	17.540	18.073	16.442
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.123	3.470	3.230
Total Non-current Liabilities (3)	93.950	94.869	71.757
(4) Current Liabilities
(a) Short term borrowings	169.080	144.119	98.320
(b) Trade payables	201.771	146.757	145.571
(c) Other current liabilities	52.721	45.186	49.585
(d) Short-term provisions	7.822	4.408	2.124
Total Current Liabilities (4)	431.394	340.470	295.600
TOTAL	719.957	595.735	493.238
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	264.201	228.368	178.221
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.282	2.619	2.504
(iv) Intangible assets under development	0.000	0.222	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	11.180	7.596	16.376
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	277.663	238.805	197.101
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	252.156	186.679	142.979
(c) Trade receivables	163.579	142.741	132.377
(d) Cash and cash equivalents	2.877	3.337	4.886
(e) Short-term loans and advances	23.063	23.395	14.885
(f) Other current assets	0.619	0.778	1.010
Total Current Assets	442.294	356.930	296.137
TOTAL	719.957	595.735	493.238

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	TURNOVER	1108.452	964.859	794.966
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	45.400	43.978	30.861
Less	TAX	NA	NA	NA
	PROFIT/(LOSS) AFTER TAX	NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY	65.272	62.798	22.981
	IMPORTS	NA	NA	92.837
	Earnings Per Share (Rs.)	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.33	7.42	6.29
Return on Investment (ROI) (PBT/Networth)		0.23	0.27	0.25
Debt Equity Ratio (Total Debt /Networth)		1.24	1.36	1.19
Current Ratio (Current Asset/Current Liability)		1.03	1.05	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	12.674	14.008	14.008
Reserves & Surplus	113.207	145.390	179.607
Share Application money pending allotment	0.000	0.998	0.998
Net worth	125.881	160.396	194.613
long-term borrowings	52.085	73.326	71.287
Short term borrowings	98.320	144.119	169.080
Total borrowings	150.405	217.445	240.367
Debt/Equity ratio	1.195	1.356	1.235

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	794.966	964.859	1108.452
		21.371	14.882

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	794.966	964.859	1108.452
Profit Before Tax	30.861	43.978	45.400
	3.88%	4.56%	4.10%

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	Yes
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	No
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10097269	08/11/2007	2,700,000.00	MARUTI SUZUKI INDIA LIMITED	11TH FLOOR,JEEVAN PRAKASH, 25, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A36062867
2	80016596	23/03/2013 *	307,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 6A WAY ROAD, GOKHLEY MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	B73780348

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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 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.62.14
UK Pound	1	Rs.94.79
Euro	1	Rs.70.38

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.