MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	GREEN GOLD TIMBERS PRIVATE LIMITED
Registered Office :	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar – 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.10.1998
Com. Reg. No.:	04-034826
Capital Investment / Paid-up Capital :	Rs.16.000 Millions
CIN No.: [Company Identification No.]	U20200GJ1998PTC034826
TAN No.: [Tax Deduction & Collection Account No.]	RKTG00080D
PAN No.: [Permanent Account No.]	AAACG7875Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Timber
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 97000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is subject is a well established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight caution.

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 :	Mr. Ahuj Akhilesh Manglik
Designation :	Director
Contact No.:	91-9825225721
Date :	25.10.2011

LOCATIONS

Registered Office/Factory :	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar - 370 110, Gujarat , India
Tel. No.:	91-2836-286485 / 286201
Mobile No.:	91-9825225721 (Mr. Ahuj Akhilesh Manglik)
Fax No.:	91-2836-286486
E-Mail :	anuj00353@rediffmail.com hiranandani_3@dataone.in mgoel@vsnl.com
Location :	Owned
Corporate Office :	Government Industrial Estate, Patel Nagar, Dehradun – 248 001, Uttaranchal, India
Tel. No.:	91-135-2722541
Fax No.:	91-135-2723404

DIRECTORS

AS ON 28.08.2010

Name :

Mr. Akhilesh Kirtiprasad Manglik

Designation :

Chairman cum Managing Director

Address :

Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar, Gujarat , India

Date of Appointment :

15.10.1998

DIN No.:

00301110

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01403UR1986PTC008366	GREEN GOLD TREE FARMERS PRIVATE LIMITED	Director	20-11-86	20-11-86	Active	NO
2	U20200GJ1998PTC034826	GREEN GOLD TIMBERS PRIVATE LIMITED	Director	15-10-98	15-10-98	Active	NO

Name :

Mr. Mudit Akhilesh Manglik

Designation :

Director

Address :

11-A, Nemi Road, Dalanwala, Dehradun – 248001, Uttarakhand, India

Date of Appointment :

15.10.1998

DIN No.:

00301050

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01403UR1986PTC008366	GREEN GOLD TREE FARMERS PRIVATE LIMITED	Director	30-09-98	30-09-98	Active	NO
2	U20200GJ1998PTC034826	GREEN GOLD TIMBERS PRIVATE LIMITED	Director	15-10-98	15-10-98	Active	NO
3	U74950MH2002PTC136726	WESTERN INDIA PACKAGINGS PRIVATE LIMITED	Director	02-01-08	02-01-08	Active	NO

Name :

Mr. Anuj Akhilesh Manglik

Designation :

Director

Address :

Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar, Gujarat, India

Date of Appointments :

15.10.1998

DIN No.:

00301167

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01403UR1986PTC008366	GREEN GOLD TREE FARMERS PRIVATE LIMITED	Director	30-09-98	30-09-98	Active	NO
2	U20200GJ1998PTC034826	GREEN GOLD TIMBERS PRIVATE LIMITED	Director	15-10-98	15-10-98	Active	NO

Name :

Ms. Rita Akhilesh Manglik

Designation :

Director

Address :

Plot No. 41 and 42, Navratna Residency, Meghpar, Anjar

Date of Birth/Age :

02.01.1949

Date of Appointment :

27.09.2007

DIN No.:

02561466

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01403UR1986PTC008366	GREEN GOLD TREE FARMERS PRIVATE LIMITED	Director	20-11-86	20-11-86	Active	NO
2	U20200GJ1998PTC034826	GREEN GOLD TIMBERS PRIVATE LIMITED	Director	27-09-07	27-09-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2010

Names of Shareholders	No. of Shares
Akhilesh Manglik	470700
Mudit Manglik	117600
Anuj Manglik	442400
Rita Manglik	100
Archana Manglik	209100
Rashi Manglik	90100
Mudit Manglik (HUF)	170000
Green Gold Tree Farmers Private Limited, Dehradhun, India	100000
Total	1600000

Equity share breakup (percentage of total equity)

AS ON 30.09.2010

Category	Percentage
Bodies corporate	6.25
Directors or relatives of Directors	93.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer of Timber
Products :	Timber
Imports :
Products :	Timber
Countries :	· European countries · Belgium
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· R S Plywood (Private) Limited

· Ashit Shipping Private Limited

· Green Gold Tree Farmers Private Limited

· Leitz Tooling Systems India Private Limited

· Purbanchal Lumbers Private Limited

· Timbor Home Private Limited

· Purbanchal Laminates Private Limited

· Sangshari Electricals Private Limited – Gandhidham

· R.S. Plywood Private Limited

· Radhe Sham Ravi Prakash Timbers Private Limited

· Mahesh Shipping Services Private Limited

Customers :

Retailers

· Aamby Valley

· Amul Boards Private Limited

· Century Plyboards (India) Limited

· Fayaz Timber Traders

· HNG Float Glass Limited

· Jain Soler Agency – Jalgaon

· Larson and Toubro Limited

· Sahara Adventure and Sports Limited

· Sahara India Commercial Limited-Taloja

· Supreme Corporation-Mumbai

No. of Employees :

150 (Approximately)

Bankers :

· Union Bank of India

Main Branch, 19-B, Rajpur Road, Dehradun – 248 021, Uttaranchal, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2010	31.03.2009
	(Rs. in Millions)
Union Bank C/C A/c (Secured against Hypothecation of Stock and Book Debts)	1.715	2.484
HDFC Bank Innova 1772 Loan (Secured against Hypothecation of Asset Financed)	0.249	0.623
HDFC Bank Zen Loan (Secured against Hypothecation of Asset Financed)	0.163	0.272
Total	2.127	3.379
Unsecured Loan	31.03.2010	31.03.2009
	(Rs. in Millions)
From Shareholders and Directors
A Manglik	4.134	2.414
Anuj Manglik	0.222	0.000
Madhu Jain	0.145	0.128
M Manglik	0.518	0.215
Rita Manglik	2.680	2.458
Sahu Ram Manglik	0.960	0.913
Total (A)	8.659	6.128
From Others
Ananya Manglik	0.100	0.000
Anchal IYanglik	0.327	0.609
Ankita Kumar	0.569	0.568
Ankit Manglik – HUF	0.825	1.046
Anubhav Kumar	0.569	0.568
Gauri Manglik	1.400	0.400
Kapilesh Manglik	1.647	1.247
A.Manglik – HUF	3.703	3.426
Anubhuti Manglik	0.088	0.081
Anuj Manglik - HUF A/c	0.382	0.915
Mudit Manglik – HUF	0.854	0.742
Raghav Manglik	0.943	0.945
Total (B)	11.407	10.547
Total (A) + (B)	20.066	16.675

Banking Relations :	--
Auditors :
Name :	Hiranandani and Company Chartered Accountants
Address :	“Banke Bihari”, Plot No. 16, Ward 10-B (C), Opposite IFFCO main Gate, Gandhidham – 370 201, Gujarat, India
Tel. No.:	91-2836-234080 / 233732
Associates/Subsidiaries:	· Green Gold Tree Farmers Private Limited, Dehradun Line of Business: Manufacturer, Trader and Importer of Timber.

CAPITAL STRUCTURE

After 28.08.2010

Authorised Capital : Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.22.400 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs.16.000 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		16.000	16.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.229	3.647	3.403
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.229	19.647	18.403
LOAN FUNDS
1] Secured Loans		2.127	3.379	2.951
2] Unsecured Loans		20.066	16.675	23.433
TOTAL BORROWING		22.193	20.054	26.384
DEFERRED TAX LIABILITIES		0.391	0.419	0.459
TOTAL		46.813	40.120	45.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.212	12.285	12.267
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.063	24.439	55.135
	Sundry Debtors	62.028	65.606	90.123
	Cash & Bank Balances	1.767	2.901	0.917
	Deposits	0.803	0.808	0.623
	Loans & Advances and Other Current Assets	4.233	14.860	4.670
Total Current Assets		98.894	108.614	151.468
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.390	28.127	55.895
	Other Current Liability	1.344	0.704	1.737
	Provisions	1.029	2.236	0.899
	Dehradun Branch A/C	50.579	49.777	59.958
Total Current Liabilities		65.342	80.844	118.489
Net Current Assets		33.552	27.770	32.979
MISCELLANEOUS EXPENSES		0.049	0.065	0.000
TOTAL		46.813	40.120	45.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	398.652	357.245	309.774
		Other Income	3.726	0.469	2.723
		TOTAL (A)	402.378	357.714	312.497
Less	EXPENSES
		Purchases	342.765	270.658	257.164
		Direct Expenses	48.276	37.387	35.043
		Employees Remuneration and Benefits	1.758	1.728	1.823
		Directors Remuneration	1.920	1.800	0.960
		Increase/(Decrease) in Finished Goods	(5.624)	30.696	4.362
		Loss on Branch Office – Dehradun Branch	0.772	0.699	0.834
		Administration Selling and Other Expenses	4.327	6.277	4.723
		TOTAL (B)	394.194	349.245	304.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.184	8.469	7.588
Less	FINANCIAL EXPENSES (D)		5.516	6.000	5.412
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.668	2.469	2.176
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.870	1.929	1.718
	PROFIT BEFORE TAX (E-F) (G)		0.798	0.540	0.458
Less	TAX (H)		0.303	0.296	0.141
	PROFIT AFTER TAX (G-H) (I)		0.495	0.244	0.317
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.930	2.686	2.369
	BALANCE CARRIED TO THE B/S		3.425	2.930	2.686
	Import Value		173.778	NA	NA
	Earnings Per Share (Rs.)		0.31	0.15	0.13

Particulars	31.03.2011
Sales Turnover (Approximately)	660.000

The above information has been parted by Mr. Ahuj Akhilesh Manglik.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.12	0.07	0.10
Net Profit Margin (PBT/Sales)	(%)	0.20	0.15	0.14
Return on Total Assets (PBT/Total Assets}	(%)	0.71	0.45	0.28
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.02
Debt Equity Ratio (Total Liability/Networth)		3.61	5.14	7.87
Current Ratio (Current Asset/Current Liability)		1.51	1.34	1.28

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	12.390	28.127	55.895

SUNDRY CREDITORS DETAILS:

(PARTIAL DETAILS)

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Abdul Giani Kichlu	1.357	--	--
Ashit Shipping Private Limited	0.786	0.121	0.487
Deekay Impex Gim	2.379	0.107	0.398
Golden Timber Trading Company	0.809	--	--
Green Gold Tree Farmers Private Limited	2.866	--	15.798
Janak Trading and Manufacturing Company	0.025	--	--
Jupiter Sports	0.231	--	--
Mod – Tech Computers	0.010	--	0.019
Purbanchal Lumbers Private Limited	0.606	2.413	--
Ram Timber	0.768	0.014	--
R. S. Plywood Private Limited	0.987	0.766	--
Shah Timber J and K	0.112	--	--
Shreepal Trade Impex	0.087	0.062	0.041

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

NOTE

The Registered Company of the company has been shifted from “Survey No.187 N H No. 8- Amthi Rohar Gandhidham, Kutch – 370 201, Gujarat, India” to present address w.e.f. 11.06.2009

TRADE REFERENCE:

· L and T Limited

· Sahara India Commercial Limited

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90105115
Corporate identity number of the company	U20200GJ1998PTC034826
Name of the company	GREEN GOLD TIMBERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 36/1 and 37, NH 8A, 8KM, Milestone, Post Box No.259, Padama Anjar - 370 110, Gujarat, India E-mail Id : mgoel@vsnl.com
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	Union Bank of India, 19-B, Rajpur Road, Dehradun – 248001, Uttarkhand, India E-mail Id : cbsdehradunmain@unionbankkofindia.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation deed (SD-20)
Date of instrument Creating the charge	23.08.2011
Amount secured by the charge	Rs.157.366 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Composite Hypothecation Deed (SD -20) Terms of Repayment As per Composite Hypothecation Deed (SD-20) Margin As per Composite Hypothecation Deed (SD-20) Extent and Operation of the charge The company's properties as mentioned in the Hypothecation agreement are hypothecated to secure the credit facilities aggregating to Rs.157.336 Millions
Short particulars of the property charged	Hypothecation of all stocks of timber, fully paid and duly insured. 36-37 Padana Gandhidham and B-5 Industrial Area, Dehradun. Lien over deposits of margin money of DALC and LG. Union Bank of india 19-B Rajpur Road, Dehradun. Charge over all fixed and current assets of the company. 36-37 Padana Gandhidham and B-5 Industrial Area, Dehradun. More particulars as per Hypothecation agreement.
Date of instrument modifying the charge	05.01.2011
Particulars of the present modification	The total amount of charge secured against hypothecation of stock, book debts and movables as per details mentioned above has now been enhanced from Rs.137.366 Millions to Rs.157.366 Millions. Break up of enhanced credit facilities is as under: Cash Credit Hypothecation 30.000 Millions Import Letter of Credit 100.000 Millions Letter of Guarantee 0.366 Millions Term Loan 7.000 Millions Ad Hoc CCH 20.000 Millions

FIXED ASSETS

• Building
• Plant and Machinery

• Furniture and Fixture
• 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.50.07
UK Pound	1	Rs.79.16
Euro	1	Rs.69.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.