MIRA INFORM REPORT

Report Date :

22.10.2011

IDENTIFICATION DETAILS

Name :	GEETA PLY BOARDS PRIVATE LIMITED
Registered Office :	7-65, 1^st Floor, Haripriya Complex, Habsiguda “X” Road, Hyderabad – 500076, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.1999
Com. Reg. No.:	01-31862
Capital Investment/ Paid-up Capital:	Rs. 1.650 Millions
CIN No.: [Company Identification No.]	U45400AP1999PTC031862
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00724D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wooden Items Flush Doors, Plywood, Black Boards, Panel Doors and Door Frames.
No. of Employees:	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Amit
Designation :	Accounts Department
Contact No.:	91-40-27173015
Date :	18.10.2011

LOCATIONS

Registered Office :	7-65, 1^st Floor, Haripriya Complex, Habsiguda “X” Road, Hyderabad – 500007, Andhra Pradesh, India
Tel. No.:	91-40-27173015
Mobile No.:	91-9866008830/ 9866008892 (Mr. Patel)
Fax No.:	91-40-27177261
E-Mail :	geetaply@rediffmail.com
Area :	600 Sq. Ft.
Location :	Rented
Factory :	Yamnampet Village, Ghatkesar Mandal, Hyderabad, Andhra Pradesh, India
Area :	2 Acres
Location :	Owned

DIRECTORS

As on 06.08.2011

Name :	Mr. Ambalal Patel
Designation :	Managing Director
Address :	H. No.4-9-100, Street No. 3, HMT Nagar, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
Date of Birth/Age :	25.10.1961
Date of Appointment :	08.06.1999
DIN :	00443939

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45400AP1999PTC031862	Geeta Ply Boards Private Limited	Managing director	08-06-99	08-06-99	-	Active	NO
2	U01403AP2008PTC061157	Patidar Agro Forestry Private Limited	Director	23-09-08	23-09-08	-	Active	YES

Name :	Mr. Praveen Patel Pokar
Designation :	Director
Address :	H. No. 3-1-105/13, Plot No. 78, Shatavahana Nagar, L. B. Nagar, Hyderabad – 500074, Andhra Pradesh, India
Date of Birth/Age :	05.09.1976
Date of Appointment :	08.06.1999
DIN :	00480180
Name :	Jammula Kiranmaye
Designation :	Director
Address :	19/2RT, Vijaya Nagar Colony, Hyderabad – 500052, Andhra Pradesh, India
Date of Birth/Age :	19.05.1969
Date of Appointment :	08.06.1999
DIN :	00449655
Name :	Mr. Gopal Patel Pokar
Designation :	Director
Address :	H No.9-100, HMT Nagar Colony, Nacharam, Hyderabad- 500076, Andhra Pradesh, India
Date of Birth/Age :	12.02.1967
Date of Appointment :	06.02.2009
DIN :	02530704

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2011

Names of Shareholders	No. of Shares
Ambalal Patel	16500
Praveen Kumar Patel	16500
Jammula Kiranmayee	40500
Gopal Patel	13500
Ladharam Bhai Patel	36000
Mohan Patel	13500
Laxmiben L Patel	9000
Chandulal Patel	19500
Total	165000

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2011

Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wooden Items Flush Doors, Plywood, Black Boards, Panel Doors and Door Frames.
Products :	Flush Door Block Board Ply Wood Panel Doors Door Frames
Exports :
Products :	Wooden Items
Imports :
Products :	Skins of Door
Countries :	China Taiwan Malaysia
Terms :
Selling :	Cash / Credit
Purchasing :	L/C / Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars of Goods Manufactured	2010-2011
a) Licensed Capacity in SMT	45000
b) Installed Capacity in SMT	45000
c) Actual Production
Flush Doors in SMT	33233.00
Black Board in SMT	4702.65
Moulded Panel Doors in SMT	29731.47
Fire Rated Doors in SMT	285.58

GENERAL INFORMATION

Customers :

Dealer

No. of Employees :

20 (Approximately)

Bankers :

State Bank of India, Nacharam Industrial Area Branch, Nacharam IDA, Hyderabad – 500007, Andhra Pradesh, India

Facilities :

Secured Loan [Rs. in million]	31.03.2011	31.03.2010
Cash credit with State Bank of India, Nacharam Branch, Hyderabad.	5.993	3.361
SME Credit Plus with State Bank of India, Nacharam Branch, Hyderabad. (secured by equitable mortgage of factory land and building and guaranteed by the Promoter Directors and their relatives in their personal capacity)	0.551	0.810
SBI Bank car loan (secured by hypothecation of car)	0.225	0.382
Total	6.769	4.553
Unsecured Loan [Rs. in million]	31.03.2011	31.03.2010
From Directors and their relatives	3.523	3.337
From Relatives of Directors and Shareholders	5.458	4.481
Total	8.981	7.818

Banking Relations :	--
Auditors :
Name :	Bajaranglal Jhawar and Company Chartered Accountants
Address :	409, Sherza Estate, 5-3-989, Nizamshahi Road, Hyderabad – 500095, Andhra Pradesh, India
Tel. No.:	91-40-24613469
PAN No.:	AANPJ4434E
Sister Concern:	Geeta Impex Address : L.B Nagar, Hyderabad, Andhra Pradesh, India Craftsmen Products Private Limited Address : Nalgonda District

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
165000	Equity Shares	Rs. 10/- each	Rs. 1.650 Millions

Note:

Of the above 55000 equity shares of Rs. 10/- each have been allotted as fully paid up bonus shares in the ratio 2:1 for consideration other than cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.650	1.100	1.100
2] Share Application Money		0.040	0.040	0.605
3] Reserves & Surplus		5.854	5.610	4.731
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.544	6.750	6.436
LOAN FUNDS
1] Secured Loans		6.769	4.553	4.524
2] Unsecured Loans		8.981	7.818	6.612
TOTAL BORROWING		15.750	12.371	11.136
DEFERRED TAX LIABILITIES		0.456	0.412	0.359
CST and Vat Differment of Tax		2.127	3.222	4.607
TOTAL		25.877	22.755	22.538
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.115	7.462	5.250
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.080	2.080	2.080
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.802	6.844	8.412
	Sundry Debtors	10.615	10.639	7.864
	Cash & Bank Balances	1.909	0.015	0.102
	Other Current Assets	0.809	0.510	0.241
	Loans & Advances	0.664	1.982	2.454
Total Current Assets		22.799	19.990	19.073
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.682	4.022	2.297
	Other Current Liabilities	2.059	0.688	0.378
	Provisions	0.376	2.067	1.190
Total Current Liabilities		8.117	6.777	3.865
Net Current Assets		14.682	13.213	15.208
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.877	22.755	22.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	36.108	37.830	32.470
		Other Income	0.474	0.547	0.374
		TOTAL	36.582	38.377	32.844
Less
		Office Expenses	34.275	36.198	31.260
		Administrative Expenses
		Advertising Expenses
		TOTAL	34.275	36.198	31.260
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.307	2.179	1.584
Less/ Add	DEPRECIATION/ AMORTISATION		1.120	0.900	0.695
	PROFIT BEFORE TAX		1.187	1.279	0.889
Less	TAX		0.394	0.400	0.319
	PROFIT AFTER TAX		0.793	0.879	0.570
	IMPORTS
		Raw Materials	13.581	12.123	13.669
		Machinery	1.176	0.000	0.000
	TOTAL IMPORTS		14.757	12.123	13.669
	Earnings Per Share (Rs.)		4.81	7.99	5.18

Expected Sales (2011-2012): Rs.42.000 Millions

The above information has been parted by Mr. Amit.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.16	2.29	1.73
Net Profit Margin (PBT/Sales)	(%)	3.28	3.38	2.74
Return on Total Assets (PBT/Total Assets}	(%)	3.71	4.66	3.65
Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		3.16	2.84	2.33
Current Ratio (Current Asset/Current Liability)		2.80	2.95	4.93

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the sales have decreased from Rs.37.830 Millions to Rs.36.108 Millions as compared to last year. The Company has recorded Profit before Tax of Rs.1.187 Millions during the year as compare to last year of Rs.1.279 Millions. The Company could maintain its share in the market due to its quality conscious and the management is confident about its increasing share domestically.

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution of the Firm	Yes
4)Premises Details	Yes
5)Type of Business	Yes
6)Line of Business	Yes
7)Promoter’s Background	------------------
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	No
13)Reason for variation <> 20%	No
14)Estimated for coming financial year	Yes
15)Capital in the Business	No
16)Details of Sister Concern	Yes
17)Major Suppliers	No
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

Bankers Charges Report as per Registry

Corporate identity number of the company	U45400AP1999PTC031862
Name of the company	GEETA PLYBOARDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7-65, 1^st Floor, Haripriya Complex, Habsiguda “X” Road, Hyderabad – 500007, Andhra Pradesh, India Email: geetaply@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	90126169
Type of charge	Immovable Property Book Debts Floating Charge
Particular of charge holder	State Bank of India Nacharam Industrial Area Branch, Nacharam IDA, Hyderabad – 500007, Andhra Pradesh, India E-Mail : sa.03098@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Letter of arrangement Guarantee Agreement Supplemental agreement of loan – cum – hypothecation Memorandum for recording extension of mortgage by deposit of title deeds
Date of instrument Creating the charge	17.09.2010
Amount secured by the charge	Rs.14.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For CC 5.75% above Base Rate (Present Base Rate 7.50%) with effective rate of Interest 13.25% p.a. at monthly rests. Terms of Repayment Repayable on demand Margin – Raw Material Domestic - 25%, Sip - 25%, Fg - 25%, Receivables - 40% Letter of Credit - 20%. Extent and Operation of the charge Charge Operates As Security For Due Repayment of Loan Amounts Aggregating Rs. 14.700 millions To State Bank Of India Along With Interest, Additional Interest, Penal Interest, Prepayment Charges And Reimbursement of Expenses Incurred In Terms Of Loan Agreements. Others Nature Of The Limit Amount (Rs. In millions) 1) FBWC - CC (HYP) - 6.000 2) SME CR+ - 1.200 3) LC - 7.500 Total - 14.700
Short particulars of the property charged	Hypothecation Of All Chargeable Current Assets Of The Company EM of Land and Building Constructed Thereon In Sy.No.90(E) Situated At Yamnampet, Ghatkesar, R.R. District
Date of latest modification prior to the present modification	21.04.2009
Particulars of the present modification	Fund Based Limited Enhanced From Rs. 5.600 millions To Rs. 7.200 millions and Non-Fund Based Limits Increased From Rs.7.000 millions To Rs. 7.500 millions, Thereby Overall Limits Enhanced From Rs. 12.600 millions To Rs. 14.700 millions.

Fixed Assets 

• Air Conditioner
• Building
• Computer
• Furniture
• Fax Machine
• Generator
• Land
• Plant and Machinery
• Scooter
• Telephone
• Tools and Spares
• Motor Car
• Motor Cycle
• 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 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.50.06
UK Pound	1	Rs.79.15
Euro	1	Rs.69.03

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	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		44

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.