MIRA INFORM REPORT

Report Date :

07.06.2011

IDENTIFICATION DETAILS

Name :	TIMBOR HOME LIMITED (w.e.f. 30.06.2009)
Formerly Known As :	TIMBER HOME PRIVATE LIMITED (w.e.f. 22.05.2007) IKI TIMBOR PRIVATE LIMITED INSIDE OUTSIDE INDIA DOT COM PRIVATE LIMITED
Registered Office :	A-2 Harikrupa Apartment, Near Naranpura Railway Crossing, Naranpura, Ahmedabad-380013, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.05.2000
Com. Reg. No.:	04-037984
Capital Investment/ Paid-up Capital:	Rs. 85.798 Millions
CIN No.: [Company Identification No.]	U72200GJ2000PLC037984
TAN No.: [Tax Deduction & Collection Account No.]	AHMT02688A
PAN No.: [Permanent Account No.]	AABCI2531A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Retailer of Solid Wood Furniture, Modular Kitchen and Doors.
No. of Employees:	Not Available

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 750000
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.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	A-2 Harikrupa Apartment, Near Naranpura Railway Crossing, Naranpura, Ahmedabad-380013, Gujarat, India
Tel. No.:	91-79-27560537
Fax No.:	91-79-27552596
E-Mail :	knkuttynair@gmail.com sales@timborhome.com
Website :	http://www.timborhome.com
Factory :	7, Shubhlaxmi Industrial estate Moraiya Changodar Ahmedabad, 382213 Gujarat, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Anant Sureshchandra Maloo
Designation :	Managing Director
Address :	Surajkala, 2B Raj Colony, Near Naranpura Railway Crossing, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	09.09.1965
Date of Appointment :	11.05.2000
DIN No.:	00058858
Name :	Mr. Abhijeet Dwarkadas Daga
Designation :	Director
Address :	E42 Galaxy Tower, Near Grand Bhagwati, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	22.06.1981
Date of Appointment :	01.06.2006
DIN No.:	00395592
Name :	Mr. Manan Vidhyapati Patel
Designation :	Director
Address :	17 Prtima Society, Near Dadsahebna Pagla Narangpura-380009, Gujarat, India
Date of Birth/Age :	04.05.1972
Date of Appointment :	12.03.2004
DIN No.:	00398466
Name :	Mr. Tejdeepsingh Harvindersingh Anand
Designation :	Director
Address :	4 State Bank Senior Officers Society, Naranpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	12.03.1966
Date of Appointment :	06.07.2010
DIN No.:	03121912
Name :	Mr. Rakesh Puri
Designation :	Additional Director
Address :	6 Raja Garden, Near Alpine International School, Ludhiana-141012, Punjab, India
Date of Birth/Age :	22.12.1967
Date of Appointment :	08.08.2010
DIN No.:	02443261
Name :	Mr. Rakesh Suraj Kumar Bhagat
Designation :	Additional Director
Address :	A-303 Ashtan Complex, Opposite Polytechnic, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	30.10.1972
Date of Appointment :	11.06.2010
DIN No.:	01188701
Name :	Mr. Mukeshbhai Ambalal Patel
Designation :	Director
Address :	4739 Santram Temple Road, Khancho, Lal Darwaja This Vyasa Choar, Umreth-388220, Gujarat, India
Date of Birth/Age :	20.10.1960
Date of Appointment:	07.05.2008
Date of Ceasing :	25.05.2010
DIN No.:	02163949

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Anand S Maloo	1968750
Manan V Patel	1125000
Abhijeet Daga	875000
Jagdishbhai Patel	500000
Maloo Buildings Materials Private Limited, Gujarat, India	3031250
Dodhiaa Chandrakant	14065
Writers and Pushblishers Limited, Gujarat, India	277780
Bennett, Coleman and Company Limited, Gujarat, India	2932895
Brand Equity Treatis Limited, Gujarat, India	341840
Total	11066580

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	59.00
Directors or relatives of Directors	36.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Retailer of Solid Wood Furniture, Modular Kitchen and Doors.

Products :

Product Description	ITC Code
Wooden Panel Doors	44182090
Wooden Cabinet	94034000
Other Wooden Furniture	94036000

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Actual Production
Bought out items:
Wood	Sq.dm	32765
	Cu. Mtr.	30946
	Sq.ft.	45307
	Cu.ft.	0
	Htp	573
Kitchen Fitt	Nos.	4280
Finished Products
Builter Joinery	Meter	14683
Wooden Cabinate	Nos.	13015
Door/ Panel Doors	Sq.mtr	32123
Wooden Panel Doors	Sq.ft.	21
Display Kitchens	Nos.	0
Wooden Furnitures	Nos.	7920

GENERAL INFORMATION

Bankers :

Union Bank of India, Dr. S.R. Marg Branch, Darpan Panch Rasta, Ahmedabad-380014, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Term Loan	52.397	17.504
Car Loan	3.325	6.157
Loan Against Machinery	8.077	0.000
Working Capital Loans	121.820	71.436
Business Loans	13.834	13.655
Total	199.453	108.752
Note: a) Car Loans includes loans from HDFC Bank, Kotak Mahindra Bank and Tata Capital Limited secured by hypothecation of motor Cars. b) Working Capital Loan includes cash credit from Union Bank of India. c) Term Loan and Cash Credit Limits from Union Bank of India is secured by hypothecation of stocks and book debts, plant and machinery, other movable assets and equitable mortgage over land and building and further secured by personal properties of directors and personal guarantees of directors and relatives. d) Business loans form banks and NBFCs are secured by the personal guarantee of directors.
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
0% 1 Unsecured fully convertible debentures (Debenture of Rs. 50.000 Millions for consideration other than cash)	0.000	50.000
From Directors	18.034	18.424
From Member	1.945	0.690
Trade Deposit	1.191	3.391
Inter Corporate Deposit	0.893	0.654
Total	22.063	73.159

Banking Relations :	--
Auditors :
Name :	Arvind A Thakkar and Company Chartered Accountant
Address :	Ground floor, Trupti Apartments, Behind old High Court, Narangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-27543650/ 55
E-Mail :	aat47@rediffmail.com
Enterprises under significant influence of key management personnel:	Maloo Building Material Private Limited Maloo Polymers Limited Maloo Tradelink Private Limited Suraj Marketing Corporation Shri Santram Wood Industries Shri Laxmi Timber Industries

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11066580	Equity Shares	Rs. 10/- each	Rs. 11.067 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8579788	Equity Shares	Rs. 10/- each	Rs. 85.798 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		85.798	21.167	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		102.926	62.965	10.678
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		188.724	84.132	30.678
LOAN FUNDS
1] Secured Loans		199.453	108.752	64.638
2] Unsecured Loans		22.063	73.159	73.214
TOTAL BORROWING		221.516	181.911	137.852
DEFERRED TAX LIABILITIES		9.846	4.681	1.927
TOTAL		420.086	270.724	170.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.867	65.538	33.942
Capital work-in-progress		0.000	0.000	1.906
INVESTMENT		0.048	0.048	0.048
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.397	111.947	63.054
	Sundry Debtors	186.999	64.369	56.769
	Cash & Bank Balances	3.022	3.076	5.334
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	91.680	67.357	52.689
Total Current Assets		395.098	246.749	177.846
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.760	41.611	43.349
	Other Current Liabilities	6.887	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		74.647	41.611	43.349
Net Current Assets		320.451	205.138	134.497
MISCELLANEOUS EXPENSES		0.720	0.000	0.064
TOTAL		420.086	270.724	170.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	510.414	266.790	195.730
		Other Income	0.098	1.496	1.352
		TOTAL (A)	510.512	268.286	197.082
Less	EXPENSES
		Raw Material Consumption	397.998	197.173	152.260
		Manufacturing Expenses	9.788	5.508	5.891
		Personnel Expenses	10.991	7.830	4.671
		General and Administrative Expenses	7.243	4.097	5.149
		Selling and Marketing Expenses	30.376	32.081	14.809
		Preliminary Expenses written off	0.080	0.064	0.064
		Stock Variation	[0.399]	[11.955]	[4.268]
		TOTAL (B)	456.077	234.798	178.576
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.435	33.488	18.506
Less	FINANCIAL EXPENSES (D)		18.929	11.830	5.444
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.506	21.658	13.062
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.049	2.797	1.033
	PROFIT BEFORE TAX (E-F) (G)		31.457	18.861	12.029
Less	TAX (H)		13.665	6.575	3.978
	PROFIT AFTER TAX (G-H) (I)		17.792	12.286	8.050
Add	Prior Period Income		0.000	0.061	0.000
	Short/ Excess Provision of Tax		0.000	[0.918]	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.107	10.678	2.628
	BALANCE CARRIED TO THE B/S		39.899	22.107	10.678
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.158	0.000
	TOTAL EARNINGS		0.000	0.158	0.000
	Earnings Per Share (Rs.)
	Basic		3.16	5.57	6.03
	Diluted		3.16	4.18	4.83

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.49	4.58	4.08
Net Profit Margin (PBT/Sales)	(%)	6.16	7.11	6.15
Return on Total Assets (PBT/Total Assets}	(%)	6.37	6.04	5.68
Return on Investment (ROI) (PBT/Networth)		0.17	0.22	0.39
Debt Equity Ratio (Total Liability/Networth)		1.57	2.66	5.91
Current Ratio (Current Asset/Current Liability)		5.29	5.93	4.10

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from B-1 Harikrupa Apartment Nrnaranpura Railway Crossing Ahmedabad-380013, Gujarat, India to present address w.e.f. 25.07.2007

Financial Results:

During the year the company has earned Profit Before Tax of Rs. 31.457 Millions as against Rs. 18.860 Millions last year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200GJ2000PLC037984
Name of the company	TIMBOR HOME LIMITED
Address of the registered office or of the principal place of business in India of the company	A-2 Harikrupa Apartment, Near Naranpura Railway Crossing, Naranpura, Ahmedabad-380013, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10092043
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Union Bank of India, Dr. S.R. Marg Branch, Darpan Panch Rasta, Ahmedabad-380014, Gujarat, India
Nature of instrument creating charge	1) Supplementary Deed to Hypothecation Deed 2) Supplemental Memorandum of Deposit of Ttile Deeds
Date of instrument Creating the charge	24.01.2011
Amount secured by the charge	Rs. 298.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (Hypothecation) Rs. 250.000 Millions – Base rate + 3.75% i.e. 12.75% Term Loan I Rs. 9.900 Millions – Base Rate + 3.50% i.e. 12.50% Term Loan II Rs. 32.500 Millions – Base Rate + 3.50% i..e 12.50% Term Loan III Rs. 6.000 Millions– Base Rate + 3.50% i..e 12.50% Terms of Repayment As per original charge Margin Same as per original charge Extent and Operation of the charge The charge will cover total amount of Rs. 298.400 Millions
Short particulars of the property charged	All goods, machinery plant, etc. lying at the factory premises or elsewhere and book debts, receivables and other assets as per the original Hypo. Deed Leasehold plot No.401-402 admeasuring about 10361 sq. mtrs.with building thereon at Umreth Indu. State of GIDC situated at Land S.No.1603/1, 1602/1, 1602/2, 1601, 1599/1 and 1598/p NA Land S.No.435 paiki admeasuring about 2135 sq.mtrs with building thereon at Village Moraiya, Tal.Sanand NA Land bearing Private sub plot No.7 admeasuring about 1005.85 sq. mtrs with building thereon scheme known as Subhlaxmi Indu. Estate, situated on land Sr.No.435 paiki at Village Moraiya, Tal.Sanand Flat No.B/902 on 9th floor, of about 300 sq. yds. in Hill Darshan coop.Hous. Soc Limited Vibhag-13, on NA land bearing S.R.No.228/1 of Village Jodhpur. Flat No.A/2 Gr.Floor, of 132 sq. yds. of Harikrupa Apartment of Hariom Apartment Coop. Hous. Soc. Limited forming part of NA land bearing final Plot No.57/1/A at Mouge Village Usmanpura,Ahmedabad
Date of instrument modifying the charge	27.10.2010
Particulars of the present modification	Movable and immovable properties covered by (1) Suppl. Deed of Hypo. Deed and (2) Suppl. Memorandum of Deposit of Title Deeds both 24.1.2011 will be security for CC (Hypo) Limit of Rs.250.000 Millions, Term Loan I of Rs.9.900 Millions Term Loan II of Rs.32.500 Millions and Term Loan III of Rs.6.000 Millions aggregating to Rs.298.400 Millions

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Computer

· Furniture

· Motor Car

· 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 records 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.44.72
UK Pound	1	Rs.73.46
Euro	1	Rs.65.47

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
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.