MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	SHREEJI WOODCRAFT PRIVATE LIMITED
Registered Office :	402, Akruti Orion, Shradhanand Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.10.2007
Com. Reg. No.:	Rs.5.000 Millions
Capital Investment / Paid-up Capital :	11-175260
CIN No.: [Company Identification No.]	U36102MH2007PTC175260
IEC No.:	0309061300
TAN No.: [Tax Deduction & Collection Account No.]	MUMS57520B
PAN No.: [Permanent Account No.]	AALC53011M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Superior Quality Wood based Products
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 30000
Status :	Moderate – Improving
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a company having moderate track records. Financial position of the company is improving. The company has achieve sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Narendra A. Bangera
Designation :	Accounts Manager
Contact No.:	91-9322588306

LOCATIONS

Registered Office :	402, Akruti Orion, Shradhanand Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26121431/ 26121432/ 28488430
Fax No.:	91-22-26121433
E-Mail :	shreejitimbers@vsnl.net accounts@shreejiwoodcraft.com sales@shreejiwoodcraft.com
Website :	http://www.shreejiwoodcraft.com
Area :	2000 sq. ft
Location :	Owned
Corporate Office/ Showroom :	K/2, National Mill Compound, Near Petrol Pump, Dahisar (East), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28489066/ 28488430/ 28489077
Fax No.:	91-22-28488465
E-Mail :	sales@shreejiwoodcraft.com
Location :	Owned
Factory :	Survey No. 215/2, Surangi Velugam Road, Velugam Village, Silvassa 396230, India
Tel No.:	91-260-2993571
Fax No.:	91-260-2993004
Location :	Owned
Branch Office :	Plot No.11 and 16, survey No.59, Meghpar Borichi, Tal-Anjar, Kutch, Gujarat, India
Tel No.:	91-2836-329011
Fax No.:	91-2836-295277
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Vipul Sharad Parekh

Designation :

Director

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

27.04.1971

Qualification :

B.Com

Date of Appointment :

22.10.2007

E-Mail :

sales@shreejiwoodcraft.com

PAN No.:

AABPP0090Q

DIN No.:

00283113

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	U51431MH1995PTC087810	SHREEJI TIMBER TECHNIQUE AND ENGINEERING PRIVATE LIMITED	Director	27-07-95	27-07-95	Active	NO
2	U36102MH2007PTC175260	SHREEJI WOODCRAFT PRIVATE LIMITED	Director	22-10-07	22-10-07	Active	NO

Name :

Mr. Sharadkumar Ratilal Parekh

Designation :

Director

Address :

C-209, Parichay Co-Operative Housing Society Limited, Vidya Mandir Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

20.01.1942

Qualification :

S.S.C.

Date of Appointment :

22.10.2007

PAN No.:

AHHPP4517B

DIN No.:

01741535

Name :

Mr. Nilesh Sharadkumar Parekh

Designation :

Director

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

02.04.1969

Qualification :

B.Com

Date of Appointment :

22.10.2007

PAN No.:

AGHPP5640G

DIN No.:

01767438

Name :

Mr. Shashikant Mohanlal Mer

Designation :

Director

Address :

Flat No.2, Manglam Co-Operative Housing Society Limited, Daulta Nagar, Borivali (East), Mumbai – 400 066, Maharashtra, India

Date of Birth/Age :

05.08.1955

Qualification :

B.Com

Date of Appointment :

22.10.2007

PAN No.:

AABPM1488M

DIN No.:

00283178

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	U51431MH1995PTC087810	SHREEJI TIMBER TECHNIQUE AND ENGINEERING PRIVATE LIMITED	Director	27-04-95	27-04-95	Active	NO
2	U36102MH2007PTC175260	SHREEJI WOODCRAFT PRIVATE LIMITED	Director	22-10-07	22-10-07	Active	NO

Name :

Mr. Chirag Sharadkumar Parekh

Designation :

Director

Address :

C-209, Parichay Building, Misquita Nagar, Shivaji Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

04.07.1972

Qualification :

B.Com

Date of Appointment :

22.10.2007

PAN No.:

AAAPP8224F

DIN No.:

01782479

KEY EXECUTIVES

Name :	Mr. Narendra A. Bangera
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sharadkumar Ratilal Parekh	110250
Vipul Sharadkumar Parekh	110250
Chirag Sharadkumar Parekh	110250
Nilesh Sharadkumar Parekh	110250
Shashikant Mohanlal Mer	49000
Reena V Parekh	2250
Sneha Parekh	2250
Hansa Parekh	2250
Hemal Parekh	2250
Nita Mer	500
Mehul Mer	500
Total	500000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Superior Quality Wood based Products

Products :

Product Description	ITC Code
Doors	44182010
Door Frames	44182020
Wooden Flooring	44091010

Brand Names :

“SHREEJI“

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Flush Door	Pcs	39597
Moulded Door	Pcs	3870
Wooden Flooring	Pcs	7602
Block Board	Pcs	828
Door Frame	Pcs	8813

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Corporation Bank,

Laxmi Apartments, Shubham Karoti Housing Complex, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Car Loan - Secured by hypothecation of vehicles purchased under hire purchase scheme [repayable within one year Rs.0.066 million]	0.139	0.194
Term loan from Bank - Secured against equitable mortgage of Factory Land and Building at Village Velugam at Dadara Nagar and Haveli and Hypothecation of Plant and Machineries and other movable assets [repayable within one year Rs.10.200 millions]	54.126	20.842
Working Capital Facilities from Banks - Secured by Hypothecation of Inventories Book Debts and Current Assets	8.390	--
Total	62.655	21.036
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Directors	25.900	13.000
Inter corporate deposits	6.500	3.782
Total	32.400	16.782

Banking Relations :	--
Auditors :
Name :	N K Sheth and Company Chartered Accountants
Office Address :	4, Mulji Mistry Building, No. B, 64-B, Tejpal Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-26166512 / 26115777
Tele Fax No.:	91-22-26166447
E-Mail :	nksheth@vsnl.com
Related Parties :	· Krishna Wood Craft Address : K-2, National Mill Compound, S V Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India Line of Business : Manufacturer of Door Frame and Wood Articles Bankers : Corporation Bank · Zyrex Enterprises Address : K-2, National Mill Compound, S V Road, Dahisar (East), Mumbai – 400 068, Maharashtra, India Line of Business : Manufacturer of Wooden Flooring, Badminton Coat, Squash Cost Bankers : Corporation Bank · Shreeji Doors and Plywood Industries Address : Gurukul Building, J S Road, Dahisar (West), Mumbai – 400 068, Maharashtra, India Line of Business : Doors and Door Frame Bankers : Bank of Baroda · Siddharth Industries Address : Gurukul Building, J S Road, Dahisar (West), Mumbai – 400 068, Maharashtra, India Line of Business : F. R. D. Doors Bankers : Bank of Baroda · Shree Wood Industries Address : Flat No. 02, Mangalam Co-Operative Housing Society Limited, Jain Mandir Road, Borivali (East), Mumbai – 400 066, Maharashtra, India Line of Business : Door Frame · Shreenath Construction · Siddhivinayak Constructions

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

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		5.000	5.000	0.100
2] Share Application Money		0.000	0.000	1.600
3] Reserves & Surplus		1.757	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.757	5.000	1.700
LOAN FUNDS
1] Secured Loans		62.655	21.036	0.000
2] Unsecured Loans		32.400	16.782	6.000
TOTAL BORROWING		95.055	37.818	6.000
DEFERRED TAX LIABILITIES		0.200	0.000	0.000
TOTAL		102.012	42.818	7.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.469	6.539	4.694
Capital work-in-progress		30.993	35.806	2.566
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.228	0.000	0.000
	Sundry Debtors	23.507	0.000	0.000
	Cash & Bank Balances	2.159	1.589	0.275
	Other Current Assets	0.111	0.000	0.000
	Loans & Advances	0.300	0.543	0.231
Total Current Assets		55.305	2.132	0.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	35.194	1.666	0.172
	Other Current Liabilities	6.243	0.000	0.000
	Provisions	1.318	0.136	0.037
Total Current Liabilities		42.755	1.802	0.209
Net Current Assets		12.550	0.330	0.297
MISCELLANEOUS EXPENSES		0.000	0.143	0.143
TOTAL		102.012	42.818	7.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Sales and Other Income	87.898
		TOTAL	87.898
Less	EXPENSES
		TOTAL	80.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.857
Less/ Add	DEPRECIATION/ AMORTISATION		5.215
	PROFIT BEFORE TAX		2.642
Less	TAX		0.885
	PROFIT AFTER TAX		1.757
	IMPORTS
		Raw Materials	3.986
		Machinery	1.860
	TOTAL IMPORTS		5.846
	Earnings Per Share (Rs.)		3.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.99	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.32	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.39	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		20.40	7.66	3.65
Current Ratio (Current Asset/Current Liability)		1.29	8.40	2.41

LOCAL AGENCY FURTHER INFORMATION

PROJECT AND OPERATIONS:

The construction of first phase of manufacturing unit at village venugaon as well as manufacturing unit at gandhidham was completed and both the units ere commercially operative from April 2010. The company has achieved satisfactory volume of business during the year under consideration. The directors are confident of achieving better results in current year.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantee	0.450	Nil

FORM 8

Corporate identity number of the company	U36102MH2007PTC175260
Name of the company	Shreeji Woodcraft Private Limited
Address of the registered office or of the principal place of business in India of the company	402, Akruti Orion , Shradhanand Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India shreejitimbers@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10155125
Type of charge	Book Debts Immovable property Movable property (not being pledge) Others- Supplemental Common Deed of Hypothecation – ADDL FAC
Particular of charge holder	Corporation Bank Laxmi Apartment, Shubham Karoti HSG Complex, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India cb430@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Common Deed of Hypothecation of Movables / Assets / Debts Dt. 23.07.2011
Date of instrument Creating the charge	23.07.2011
Amount secured by the charge	Rs.92.717 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Base Rate + 4.10% i.e. 13.50% p.a Term Loan Base Rate + 4.10% i.e. 13.50% p.a Terms of Repayment 1. CC 25.000 Millions- CC running account repayable on demand subject to annual renewal 2. Term Loan Review Phase I - (not to exceed 95 months) 78 monthly Instl of Rs.4,48,700/-each per month and last Instl of Rs.4,50,100/-(int. is to be paid separately as and when due.) 3. Term Loan Review Phase II - (not to exceed 87 months) 73 monthly Instl of Rs.4,01,300/-each commencing from april-2011 and last Instl of Rs. 4,06,400/- (interest is to be paid separately as and when due). Margin 1. CC 25.000 Millions - Stock 25% and Book Debts 40% 2. Term Loan Review Phase I - 36.45% (Existing Stipulation). 3. Term Loan Review Phase II - 31.86 (Over All) Extent and Operation of the charge To the Extent of Term Loan and Working Capital
Short particulars of the property charged	Office premises at 402, Akruti Orion Premises CHS Limitd, TPS No.5, Shradhanand Road, Vile Parle (East), Mumbai – 400057 owned by M/s. Krishna Woodcraft. Flat No.C/602, C-Wing, Building No.2, Gurukul CHS Limited, J.S. Road, Dahisar (West), Mumbai - 400 068. Factory Land and Building - S. No. 215/2, Village Velugam, Silvassa, U.T of Dadra and Nagar Haveli. Hypothecation of Plant and Machinery book debts, stock consiting of imported wood, particle board, pine wood, hard wood, lamination sheet, UF Resin, Decorative Veener, desk sheet etc. Factory Land and Building, Plot No.11 and 16, Survey No.59, Village Meghpar, Boridu, Taluka Anjar, District Kutch, Gujarat.
	Earlier charge of Rs.86.500 Millions has been modified to Rs.92.717 Millions.

FIXED ASSETS:

· Land

· Plant and Machinery

· Factory Building

· Office Equipments

· Office Premises

· Furniture and Fixture

· Vehicles

WEB DETAILS

PROFILE

Subject, an ISO 9001:2000 certified company is one of the manufactures of superior quality wood based products, comprising of exclusively finished Door Frames, highly modern Designer Doors and Solid Wood Flooring. Setting up a new benchmark in the industry, the products have enhanced the aesthetics of interior designing. Wooden Frames, Doors and Flooring are most common in antiquity and also today’s preferred choice.

They have developed the core competence in the manufacturing of high quality Decorative Doors, Frames and Flooring. The products are manufactured from different variety of quality wood, which is chemically treated and kiln seasoned as per relevant Indian standard with a state-of-art technology, skilled manpower and well developed infrastructure. The products have reached the best standard in industry, providing value and satisfaction to the customers since last Twenty Years.

Having a vast industrial experience, they have maintained the winning stride in the competition by continually upgrading the technology, addressing the needs and wants of the clients from time to time. The motto is to offer products that are of High Quality and Durable to maximize the client’s satisfaction.

Subject an organisation with two decades of experience in timber engineering and technology. An organisation that has always endeavoured to make wood based products work. Constantly upgrading technology and introducing new and better methods in production to ensure a quality which has come to be known as “Shreeji Quality”. Equipped with modern, sophisticated machinery and full-fledged R and D Unit, Subject has driven the production standards to impressive levels, always making sure that get more value for the money.

A door shutter is an important building element that must possess qualities like strength, rigidity, resistance, dimensionally stable, heat insulating and durable against cyclic changes in weather, high moisture conditions, rot and other wood destroying insects. Subject manufacturers flush doors that have high standard of elegance, matching with the aesthetics of the building exteriors and interiors.

High quality wooden flush doors are therefore in great demand from discerning architects, builders and contractors. Subject Flush doors have solid blockboard core with cross band and face veneers which are bonded with the Hot Press process by using Urea Formaldehyde Resin with REBA for Boiling Water Resistant (B.W.R. Grade) and Phenol formaldehyde Resin for 100% Boiling water Proof (B.W.P. Grade)

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] 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	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.