MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	AGARWALLA TEAK INTERNATIONAL PRIVATE LIMITED (w.e.f. 13.01.2006)
Formerly Known As :	NAVNEET AGARWALLA TEAK PRIVATE LIMITED
Registered Office :	54/2, Assam Timber Market, Swark Main Road, Rohtak Road, Nangloi, New Delhi – 110041
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.2005
Com. Reg. No.:	55-135613
Capital Investment / Paid-up Capital :	Rs.8.590 Millions
CIN No.: [Company Identification No.]	U20211DL2005PTC135613
TAN No.: [Tax Deduction & Collection Account No.]	DELA19441C
PAN No.: [Permanent Account No.]	AAFCA9366F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Timber.
No. of Employees :	40 (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 230000
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 – 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 (General Details)

Name :	Mr. Navneet
Designation :	Director
Contact No.:	91-9825505803
Date :	09.01.2012

LOCATIONS

Registered Office :	54/2, Assam Timber Market, Swark Main Road, Rohtak Road, Nangloi, New Delhi – 110041, India
Tel. No.:	91-11-28343229/ 28342260/ 61/ 62
Mobile No.:	91-9810022803 (Mr. Rakesh) 91-9825505803 (Mr. Navneet)
Fax No.:	91-11-28343138/ 25220083
E-Mail :	agarwallateakint@yahoo.co.in agarwallaenterprises@yahoo.co.in sales@agarwallateak.com
Website :	http://agarwallateak.com
Location :	Owned
Branch Office :	Manek Plot, Survey No. 487/1, Mithi Rohar, National Highway, Gandhidham, (Kachchh), Gujarat, India.
Tel. No.:	91-2836-286237/ 235743
Fax No.:	91-2836-235722/ 286236

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Rakesh Goyal

Designation :

Director

Address :

23/60, 1^st Floor, West Punjabi Bagh, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

15.04.1971

Date of Appointment :

29.04.2005

DIN No.:

00659697

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	U40108DL1997PTC086637	AKSHAY RENEWABLE ENERGY PRIVATE LIMITED	Director	11/4/1997	11/4/1997	-	Active	NO
2	U40106DL1997PTC087140	AKSHAY GREEN ENERGY PRIVATE LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
3	U74999DL1998PTC092632	PRITHVI TECHNO PRODUCTS PRIVATE LIMITED	Director	25/01/2001	25/01/2001	-	Active	NO
4	U74999DL1997PTC084186	VINAMISA OVERSEAS PRIVATE LIMITED	Director	25/06/2002	25/06/2002	-	Active	NO
5	U51909DL1991PTC045881	EMBLEM ASIA PRIVATE LIMITED	Director	31/03/2003	31/03/2003	10/2/2010	Active	NO
6	U20211DL2005PTC135613	AGARWALLA TEAK INTERNATIONAL PRIVATE LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
7	U20299DL2007PTC162987	AGARWALLA SAW MILLS PRIVATE LIMITED	Director	4/5/2007	4/5/2007	-	Active	NO
8	U45201DL2004PTC131044	SALASAR BUILDWELL PRIVATE LIMITED	Director	20/08/2007	20/08/2007	23/10/2009	Active	NO
9	U74899DL1989PTC036893	NAVNEET POLYMERS PRIVATE LIMITED	Additional director	4/10/2007	4/10/2007	-	Active	NO

Name :

Mr. Ishwar Chand Goel

Designation :

Director

Address :

23/60, 1^st Floor, West Punjabi Bagh, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

02.10.1945

Date of Appointment :

17.12.2007

DIN No.:

01197537

Name :

Mr. Navneet Goel

Designation :

Director

Address :

23/60, 1^st Floor, West Punjabi Bagh, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

28.09.1972

Date of Appointment :

29.04.2005

DIN No.:

01386884

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	U40106DL1997PTC087140	AKSHAY GREEN ENERGY PRIVATE LIMITED	Director	23/01/1998	23/01/1998	Active	NO
2	U74899DL1985PTC020998	SANGHRAYA CHITS PRIVATE LIMITED	Director	30/03/1998	30/03/1998	Active	NO
3	U74999DL1997PTC084186	VINAMISA OVERSEAS PRIVATE LIMITED	Director	25/10/2004	25/10/2004	Active	NO
4	U20211DL2005PTC135613	AGARWALLA TEAK INTERNATIONAL PRIVATE LIMITED	Director	29/04/2005	29/04/2005	Active	NO
5	U20299DL2007PTC162987	AGARWALLA SAW MILLS PRIVATE LIMITED	Director	4/5/2007	4/5/2007	Active	NO

Name :

Mr. Neha Goel

Designation :

Director

Address :

23/60, 1^st Floor, West Punjabi Bagh, Punjabi Bagh, New Delhi – 110026, India

Date of Birth/Age :

15.01.1975

Date of Appointment :

01.10.2007

DIN No.:

01771539

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	U20211DL2005PTC135613	AGARWALLA TEAK INTERNATIONAL PRIVATE LIMITED	Director	1/10/2007	1/10/2007	Active	NO
2	U74999DL1992PLC049755	FOUR-D INTERNATIONAL LIMITED	Director	21/05/2011	21/05/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Ishwar Chand Goel	20000
Rakesh Goyal	156750
Navneet Goel	156750
Neha Goel	30000
Surender Goel	14000
Murti Devi	40000
Naresh Goel and Sons HUF	40000
I C Goyal and Sons HUF	40000
Aruna Goel	12500
Seema Goel	25000
Shalini Goel	12500
Himgiri Mines Private Limited, India	133000
Kanakdhara capital services private Limited, India	67000
Novex ((India) Private Limited, India	74000
Abhilasha Exports Private Limited, India	5000
Axiom Goods Private Limited, India	10000
Jagdhatri Dealcomm Private Limited, India	5000
Khusboo Complex Private Limited, India	5000
Matangi Dealcomm Private Limited, India	15000
Neelkamal Dealcomm Private Limited, India	10000
Skylight Distributors Private Limited, India	5000
Uplink Vyapaar Private Limited, India	20000
Total	896500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	24.00
Directors or relatives of directors	76.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Timber.
Imports :
Products :	Timber
Countries :	· Malaysia · African Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and End Users

No. of Employees :

40 (Approximately)

Bankers :

· Union Bank of India

F-14/15, Connaught Place, New Delhi – 110001, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Union Bank of India (C Place) (Secured by Hypothecation of Stock and Book Debts)	37.968	25.950
Union Bank of India (Hong Kong) (Buyer’s Credit)	45.029	24.321
HDFC Bank (Secured against Vehicles)	1.119	1.726
Reliance Capital (Secured against Vehicles)	0.014	0.172
ICICI Bank Limited (Secured against Vehicles)	0.756	0.043
Union Bank of India – C Place (Secured against Vehicles)	0.099	0.207
Total	84.985	52.419
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Directors	0.000	2.483
Total	0.000	2.483

Banking Relations :	--
Auditors :
Name :	O. P. Goyal and Company Chartered Accountant
Address :	248/9, Gurudwara Road, Karol Bagh, New Delhi – 110005, India
Tel No.:	91-11-28751216/ 28759152
PAN No.:	AAAFO3525E

CAPITAL STRUCTURE

(AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
896500	Equity Share	Rs.10/- each	Rs.8.965 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
821500	Equity Share (Fully Paid Up)	Rs.10/- each	Rs.8.215 Millions
75000	Equity Share (Partially Paid up)	Rs.5/- each	Rs.0.375 Millions
	Total		Rs.8.590 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		8.590	7.195	5.475
2] Share Application Money		7.060	2.120	3.200
3] Reserves & Surplus		41.949	26.404	18.057
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.599	35.719	26.732
LOAN FUNDS
1] Secured Loans		84.985	52.419	21.389
2] Unsecured Loans		0.000	2.483	2.988
TOTAL BORROWING		84.985	54.902	24.377
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		142.584	90.621	51.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.081	5.801	3.781
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	74.686	23.586	36.463
	Sundry Debtors	165.107	97.731	70.336
	Cash & Bank Balances	20.025	18.606	16.636
	Other Current Assets	18.826	8.055	6.635
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		278.644	147.978	130.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	134.848	59.114	79.830
	Other Current Liabilities	5.002	2.454	1.863
	Provisions	2.305	1.617	1.092
Total Current Liabilities		142.155	63.185	82.785
Net Current Assets		136.489	84.793	47.285
MISCELLANEOUS EXPENSES		0.014	0.027	0.043
TOTAL		142.584	90.621	51.109

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES/ RECEIPTS	455.817	329.730	248.620
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	7.760	5.117	3.381
Less/ Add	DEPRECIATION/ AMORTISATION	1.370	1.039	0.914
	PROFIT BEFORE TAX	6.390	4.078	2.467
Less	TAX	2.050	1.411	0.926
	PROFIT AFTER TAX	4.340	2.667	1.541
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4.599	1.932	0.391
	BALANCE CARRIED TO THE B/S	8.939	4.599	1.932
	IMPORTS VALUE	262.839	188.752	148.455
	Earnings Per Share (Rs.)	4.84	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.24	2.65	1.84
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.09
Debt Equity Ratio (Total Liability/Networth)		3.94	3.31	4.01
Current Ratio (Current Asset/Current Liability)		1.96	2.34	1.57

LOCAL AGENCY FURTHER INFORMATION

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 two years	Yes
Profitability for last three years	-----
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
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 Office of the company has been shifted from 24 K. M. Stone, Main Rohtak Road, Village Mundka, Nangloi, New Delhi – 110041, India, to the present address w.e.f. 01.10.2007.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

· Outstanding Letter of Credit at the end of year issued by Union Bank of India for Rs.150.400 Millions, Margin money deposit with Union Bank of India against above is Rs.14.100 Millions.

· Guarantee given by the company to the ICICI bank against personal Loan of Rs.1.620 Millions in respect of director of the company.

FORM 8:

Corporate identity number of the company	U20211DL2005PTC135613
Name of the company	AGARWALLA TEAK INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	54/2, Assam Timber Market, Swark Main Road, Rohtak Road, Nangloi, New Delhi – 110041, India agarwallateakint@yahoo.co.in
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10076075
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others: Stocks Book Debts, P&M, Current and Fixed Assets
Particular of charge holder	Union Bank of India F14/15, Connaught Place, New Delhi – 110001, India dgmconnaughtplace@unionbankofindia.com
Nature of instrument creating charge	Composite Hypothecation Deed
Date of instrument Creating the charge	05.09.2011
Amount secured by the charge	Rs.280.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per sanction terms and bank norms Terms of Repayment: As per sanction terms and bank norms Margin: As per sanction terms and bank norms Extent and Operation of the charge: First charge on assets to secure the following credit facilities sanctioned by bank to the company 1.cash credit (h) Stock and Book Debts Rs.40.000 Millions 2. Import LC (DA 180 days) Rs.190.000 Millions 3. Additional Import LC (DA 180 days) on single transaction basis Rs.50.000 Millions 4. Union Miles Rs.0.100 Million Total Rs.280.100 Millions
Particulars of the property charged	First Charge on Stocks, Book Debts, Plant and machinery and Other Current and Fixed Assets to the composite hypothecation deed dt.05-09-2011 Collateral Security: 1. EM of Plot No.487, IMT Manesar, Haryana measuring 1012.50 sq. mtrs in the Name of M/s Vinamisa Private Limited 2. Residential Property No.76 Scheme No.6 measuring 355.56 sq. yards, Gandhi Nagar, Jind Haryana in the Name of Mr. Ishwar Chand Goel. 3. Industrial Building on Plots No. 96,Sector 6, Industrial Estate IMT Manesar, Gurgaon in the name of M/s Dirco Polymers Private Limited 4. Plot No.63, Sector-3, Industrial Growth Center, Bawal Haryana in the Name of M/s Salasar Buildwell Private Limited 5. Plot No.48, Sector 16, Industrial Area, Bahadurgarh District Jhajhar, Haryana in the name of M/s Prithvi Techno Products Private Limited 6. Shop No.4 and 5, Block-B Phase II, Noida in the name of MRS. ARUNA GOYAL and Mrs. Shalini Goyal Negative Lien of property at Plot No.34-C, Phase IV, HSIDC, Kundli, Haryana in the name of M/s Satyam Plastics Industries (Prop. Iswar C. Goel) vide sanction Letter dt. 30-8-2011
Particulars of the present modification	Amount Secured is increased to Rs.280.100 Millions to Secure 1. Cash Credit (Hypothecation) Stock and Book Debts Rs.40.000 Millions 2. Import LC (DA 180 Days) Rs.190.000 Millions 3.Additional Import LC (DA 180 Days) on single transaction basis Rs.50.0000 Millions 4.Union Miles Rs.0.100 Million Security: As mentioned in col. 15 above. Other terms and conditions remain same.

FIXED ASSETS:

· Bicycle

· Building

· Car

· Computers

· Fax Machine

· Fixture and Fittings

· Mobile

· Inverter

· Refrigerator

· Air Conditioner

· Generator

· Scooter

· Water cooler

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.51.75
UK Pound	1	Rs.80.00
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--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.