MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	VILSONS PARTICLE BOARD INDUSTRIES LIMITED
Registered Office :	Vilsons Tower, 1220/47, ‘E’ Ward, Opposite Popatrao Jagdale Hall, Rajarampuri, 1^st Lane, Kolhapur-416008, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.09.1999
Com. Reg. No.:	11-014033
Capital Investment / Paid-up Capital :	Rs. 4.070 millions
CIN No.: [Company Identification No.]	U20213PN1999PLC014033
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Particle Boards.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 130000
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.

INFORMATION PARTED BY

Name :	Mrs. Ketki Kulkarni
Designation :	Consultant
Contact No.:	91-9011513535
Date :	17.06.2011

LOCATIONS

Registered Office :	Vilsons Tower, 1220/47, ‘E’ Ward, Opposite Popatrao Jagdale Hall, Rajarampuri, 1^st Lane, Kolhapur-416008, Maharashtra, India
Tel. No.:	91-231-2531221
Mobile No.:	91-9011513535 (Mrs. Ketki Kulkarni)
Fax No.:	91-231-2350500
E-Mail :	headoffice@vilsonboard.in jitu_160372@yahoo.com
Area :	1500 sq. ft.
Location :	Rented
Factory 1 :	Survey No. 378 A, Halsawade Taluka, Karve District, Kolhapur, Maharashtra, India
Location :	Rented
Factory 2 :	Plot No.199, Sector 8, IMP Manesar, Gutgaon-122050, Haryana, India
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Virajbhai Ladharam Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	17.02.1929
Date of Appointment :	30.09.1999
DIN No :	00071400
Name :	Mr. Ramjibhai Virjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	28.08.1951
Date of Appointment :	30.09.1999
DIN No :	00071452
Name :	Mr. Ravjibhai Virjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	21.12.1954
Date of Appointment :	30.09.1999
DIN No :	00071506
Name :	Mr. Mohanbhai Virjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	18.05.1956
Date of Appointment :	30.09.1999
DIN No :	00071543
Name :	Mr. Mahendrabhai Virjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	16.10.1962
Date of Appointment :	30.09.1999
DIN No :	00071589
Name :	Mr. Vijay Ramjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	28.07.1970
Date of Appointment :	30.09.1999
DIN No :	00071650
Name :	Mr. Anil Ramjibhai Patel
Designation :	Director
Address :	1141, E Sykes Extention, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	21.02.1972
Date of Appointment :	30.09.1999
DIN No :	00071685

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ramjibhai Virjibhai Patel	21000
Virajbhai Ladharam Patel	21000
Ravjibhai Virjibhai Patel	11000
Mohanbhai Virjibhai Patel	21000
Mahendrabhai Virjibhai Patel	21000
Vijay Ramjibhai Patel	21000
Anil Ramjibhai Patel	21000
Ramjibhai Virjibhai Patel HUF	20000
Virajbhai Ladharam Patel HUF	20000
Ravjibhai Virjibhai Patel HUF	30000
Mohanbhai Virjibhai Patel HUF	20000
Mahendrabhai Virjibhai Patel HUF	20000
Vijay Ramjibhai Patel HUF	15000
Anil Ramjibhai Patel HUF	15000
Parvati Ramjibhai Patel	20000
Vasumati Ravjibhai Patel	20000
Shanta Mahendrabhai Patel	20000
Prabhavati Mohanbhai Patel	20000
Rasila Vijay Patel	20000
Jaya Anil Patel	20000
Janbai Virjibhai Patel	10000
Total	407000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Particle Boards.
Imports :
Products :	· Raw Material
Countries :	· Malaysia · Thailand
Terms :
Selling :	L/C, Cash, Credit (30 days, 60 days, 90 days)
Purchasing :	L/C, Cash, Credit (30 days, 60 days, 90 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Plain Particle Board	Sq. Mtr.	699270.18
Pre Lam Boards	Sq. Mtr.	2091883.01

GENERAL INFORMATION

Customers :

· Manufacturer

No. of Employees :

300 (Approximately)

Bankers :

· Punjab National Bank, Gemstone, R D Vichare Complex, New Shahupuri, Kolhapur-416001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Punjab National Bank CC A/C 1888 (Secured against stock and debtors of the company)	65.271	70.394
Punjab National Bank Term Loan 33 (Secured against computer furniture installment due next year Rs. 0.222 million)	0.311	0.480
Punjab National Bank Term Loan 42 (Secured against new plant and machinery, installment due next year Rs. 3.924 millions)	4.378	7.514
Punjab National Bank Term Loan 51 (Secured against factory building, installment due next year Rs. 0.632 million)	1.950	3.238
Punjab National Bank Term Loan 60 (Secured against imported machinery, installment due next year Rs. 2.460 millions)	2.641	4.621
HDFC Bank Limited (Secured against skoda installment due next year Rs. 0.166 million)	0.165	0.540
HDFC Bank Limited (Secured against Swift lnstallment due next year Rs. 0.205 million	0.392	0.000
Total	75.108	86.787
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan from Shareholders	22.800	11.041
Sales Tax Deferral Loan	25.702	25.703
Total	48.502	36.744

Banking Relations :	--
Auditors :
Name :	Gavaskar Doshi and Company Chartered Accountant
Address :	6, Mrunmayee Society, 43/6, Erandwane, Nal Stop, Behind Bank of India, Karve Road, Pune-411004, Maharashtra, India
Associates/Subsidiaries :	· Shri Shankar Vijay Saw Mills · Pragati Plywood Industries Private Limited · Pragati Traders · Vilsons Roofing Private Limited · Vilsoft Technologies Limited · Hari Om Roadlines · Blueline Management Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

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
407000	Equity Shares	Rs.10/- each	Rs. 4.070 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		4.070	4.070	4.070
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.590	23.330	18.063
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.660	27.400	22.133
LOAN FUNDS
1] Secured Loans		75.108	86.787	65.687
2] Unsecured Loans		48.502	36.744	33.610
TOTAL BORROWING		123.610	123.531	99.297
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		157.270	150.931	121.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.492	49.655	62.150
Capital work-in-progress		1.333	2.543	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.352	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.973	96.965	61.637
	Sundry Debtors	21.590	28.414	19.028
	Cash & Bank Balances	2.436	4.493	0.240
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.441	16.386	8.930
Total Current Assets		160.440	146.258	89.835
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.434	39.247	26.415
	Other Current Liabilities	9.913	6.198	4.078
	Provisions	0.000	2.250	0.166
Total Current Liabilities		56.347	47.695	30.659
Net Current Assets		104.093	98.563	59.176
MISCELLANEOUS EXPENSES		0.000	0.170	0.104
TOTAL		157.270	150.931	121.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	441.467	350.281	206.126
		Other Income	0.696	1.921	1.040
		TOTAL (A)	442.163	352.202	207.166
Less	EXPENSES
		Material Consumed	298.548	196.283	129.570
		Increase / (Decrease) in Stock	0.000	0.000	(12.338)
		Direct Expenses	78.377	81.793	65.275
		Administrative Expenses	8.067	6.618	3.498
		Selling and Distribution Expenses	29.062	35.795	2.987
		TOTAL (B)	414.054	320.489	188.992
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.109	31.713	18.174
Less	FINANCIAL EXPENSES (D)		13.803	8.672	5.332
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.306	23.041	12.842
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.807	15.524	8.359
	PROFIT BEFORE TAX (E-F) (G)		6.499	7.517	4.483
Less	TAX (I)		0.240	2.250	0.585
	PROFIT AFTER TAX (G-I) (J)		6.259	5.267	3.898
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.733	14.466	10.568
	BALANCE CARRIED TO THE B/S		25.992	19.733	14.466
	IMPORTS
		Raw Materials	63.352	14.005	NA
	TOTAL IMPORTS		63.352	14.005	NA
	Earnings Per Share (Rs.)		15.97	18.47	9.58

Particulars	31.03.2011
Sales Turnover	600.000

The above information has been parted by Mrs. Ketki Kulkarni.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.42	1.50	1.88
Net Profit Margin (PBT/Sales)	(%)	1.47	2.15	2.17
Return on Total Assets (PBT/Total Assets}	(%)	3.06	3.84	2.95
Return on Investment (ROI) (PBT/Networth)		0.19	0.27	0.20
Debt Equity Ratio (Total Liability/Networth)		5.35	6.25	5.87
Current Ratio (Current Asset/Current Liability)		2.85	3.07	2.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- For Purchases	46.434	39.247	26.415
Total	46.434	39.247	26.415

RESULTS OF OPERATION

During the year company has achieved turnover of Rs.442.163 millions as against previous year Rs.352.203 millions. There is increase in total turnover as compared to the previous year. The net profits after depreciation is Rs. 6.499 millions against previous year’s profit of Rs. 7.517 millions showing decrease in net profit.

Due to collective efforts of all directors, employees and selling agencies company could maintain previous year’s performance.

FUTURE PROSPECTS

Directors are confident that company will achieve very good results in the coming years and will endeavor to accomplish its future goals.

FORM 8

Corporate identity number of the company	U20213PN1999PLC014033
Name of the company	VILSONS PARTICLE BOARD INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Vilsons Tower, 1220/47, ‘E’ Ward, Opposite Popatrao Jagdale Hall, Rajarampuri, 1^st Lane, Kolhapur-416008, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Punjab National Bank, Gemstone, R D Vichare Complex, New Shahupuri, Kolhapur-416001, Maharashtra, India
Nature of instrument creating charge	Supplementary Agreement.
Date of instrument Creating the charge	11.03.2011
Amount secured by the charge	Rs. 90.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BR+4.50% i.e.13.50% p.a. with monthly rest. Terms of repayment One Year. Margin Stock - 25% Book Debts - 30% Extent and operation of the charge Charge will remain in force till the payment of Principal plus interest in full. Other Penal Interest at 2 % p.a.
Short particulars of the property charged (Including location of the property)	Hypothecation of present and future stock of Raw material , work in process, finished goods, consumables, stores and spares which brought in , stored at various places of the company. Hypothecation of Goods and Book Debts. Hypothecation of moveable Assets forming part of Fixed block of Assets.
Charge identification number of the charge to be modified	90087099
Date of instrument modifying the charge	07.03.2011
Particulars of the present modification	Modified for increase in Book Debts Limit from Rs.10.000 millions to 20.000millions. However the Total cash credit limit has remain within the limits of Rs.90.000 millions.

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· 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. 44.93
UK Pound	1	Rs.72.42
Euro	1	Rs.63.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.