MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	SARKAR PLYWOOD PRIVATE LIMITED
Registered Office :	3/2940-48, Subhan Badshah Swadi, Chalamwad Rudtopura, Surat-395003, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.10.1994
Com. Reg. No.:	04-23170
Capital Investment / Paid-up Capital :	Rs.4.613 Millions
CIN No.: [Company Identification No.]	U20291GJ1994PTC023170
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00552G
PAN No.: [Permanent Account No.]	AADCS3414Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plywood.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 76000
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 :	Mr. Krishna
Designation :	Accountant
Contact No.:	91-261-3201352
Date :	27.01.2012

LOCATIONS

Registered Office :	3/2940-48, Subhan Badshah Swadi Chalamwad Rudtopura, Surat-395003, Gujarat, India
Tel. No.:	91-261-2326693/2325457/3201352
Fax No.:	91-261-2325457/2215786
E-Mail :	csjariwala@hotmail.com office@sarkarplywood.com
Website :	http://www.sarkarplywood.com
Location :	Owned
Corporate Office / Factory 1:	Shop No. 5, Shiv Pooja Complex, Above Bank of Baroda, City Light, Surat-395007, Gujarat, India
Tel. No.:	91-261-3201352 (9 Lines)
Fax No.:	91-261-2258466
Head Office/ Administrative Office:	302-303, SNS Square, Business Zone, Vesu Main Road, Vesu, Surat-395007, Gujarat, India.
Tel. No.:	91-261-3201352/3201252
Fax No.:	91-261-2215786
Factory 2 :	Located at: Kochin

DIRECTORS

As on 30.09.2011

Name :

Mr. Iqbal Firoz Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

18.07.1947

Date of Appointment :

10.04.1994

Din No.:

00912293

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	04-10-94	04-10-94	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10-11-08	10-11-08	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26-03-10	26-03-10	Active	NO

Name :

Mr. Adnan Iqbal Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

29.11.1976

Date of Appointment :

15.12.2000

Din No.:

00912247

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	15-12-00	15-12-00	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10-11-08	10-11-08	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26-03-10	26-03-10	Active	NO

Name :

Mr. Hussain Iqbal Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

01.01.1979

Date of Appointment :

15.12.2000

Din No.:

00915427

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	15-12-00	15-12-00	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10-11-08	10-11-08	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26-03-10	26-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Iqbal Firoz Sarkar	2260
Rukshana Iqbal Sarkar	459030
Adnan Iqbal Sarkar	10
Husain Iqbal Sarkar	10
Mufaddal Adnan Sarkar	5
Husain Adnan Sarkar	5
TOTAL	461320

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plywood.

Products :

Product Description	Item Code
Plywood	4404

Exports :

Products :

Plywood

Countries :

• Turkey
• Dubai
• Africa
• Netherlands

Imports :

Products :

Raw Material

Countries :

• Korea
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

• P T Dunia

Customers :

Wholesalers and Retailers

• Yazer Orman Uranleri

No. of Employees :

50 (Approximately)

Bankers :

• Oriental Bank of Commerce, Ring Road, Surat, Gujarat, India
• ICICI Bank Limited
• HDFC Bank Limited
• Citi Bank, NA, 14, Adarsh Society, Opposite Kakadia Complex, Ghod Dod Road, Surat-395007, Gujarat, India
• Axis Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Axis car loan (Elegance Skoda) (Against hypothecation of motor car)	0.000	0.224
HDFC Bank Limited (Super Skoda) (Against hypothecation of motor car)	1.116	1.416
HDFC Bank Limited, Hyndui - 120	0.297	0.000
Total	1.413	1.640
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan form shareholders / directors	3.180	1.620
Total	3.180	1.620

Banking Relations :	--
Auditors :
Name :	C S Jariwala and Company Chartered Accountants
Address :	6^th Floor, C-Block, President Plaza, Ring Road, Athwagate, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-3017171-72-73
PAN.:	AACFC2500R
Associates/ Subsidiaries :	Sarkar Industrial Private Limited Sarkar Holdings Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

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
461320	Equity Shares	Rs.10/- each	Rs.4.613 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		4.613	4.613	4.613
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.309	12.884	8.597
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.922	17.497	13.21
LOAN FUNDS
1] Secured Loans		1.413	1.640	2.084
2] Unsecured Loans		3.180	1.620	10.435
TOTAL BORROWING		4.593	3.260	12.519
DEFERRED TAX LIABILITIES		0.212	0.167	0.062
TOTAL		23.727	20.924	25.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.214	3.021	3.830
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.192
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.230
	Sundry Debtors	6.470	7.875	22.487
	Cash & Bank Balances	3.216	5.422	1.748
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.320	21.502	21.540
Total Current Assets		26.006	34.799	46.005
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.602	11.438	17.790
	Other Current Liabilities	1.370	3.718	3.506
	Provisions	0.619	1.802	2.953
Total Current Liabilities		5.591	16.958	24.249
Net Current Assets		20.415	17.841	21.756
MISCELLANEOUS EXPENSES		0.048	0.012	0.013
TOTAL		23.727	20.924	25.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	160.966	154.562	167.333
		Other Income	15.585	11.941	16.755
		TOTAL	176.551	166.503	184.088
Less	EXPENSES
		Raw material consumed / purchase	140.750	126.687	133.422
		Sales, administrative and other expenses	32.914	32.651	41.013
		Extraordinary item	(0.162)	(0.055)	0.159
		TOTAL	173.502	159.283	174.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.049	7.220	9.494
Less/ Add	DEPRECIATION/ AMORTISATION		0.937	1.001	0.679
	PROFIT BEFORE TAX		2.112	6.219	8.815
Less	TAX		0.688	1.932	3.100
	PROFIT AFTER TAX		1.424	4.287	5.715
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.884	8.597	2.882
	BALANCE CARRIED TO THE B/S		14.308	12.884	8.597
	EARNINGS IN FOREIGN CURRENCY
		Plywood Exports	9.098	137.415	157.609
		Film-High Seas	15.822	13.112	8.864
		Faces-High Seas	0.388	3.366	0.000
	TOTAL EARNINGS		25.308	153.893	166.473
	IMPORTS
		Film-Import	0.000	12.154	5.768
		Faces-Import	0.000	3.684	0.000
		Wood-Import	2.009	0.404	0.000
		Plywood-Import	0.000	0.000	2.723
	TOTAL IMPORTS		2.009	16.242	8.491
	Earnings Per Share (Rs.)		3.09	9.29	12.38

Expected Sales ( 2011-2012 ) : Rs.300.000 Millions

The above information has been parted by Mr. Krishna – Accounts Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.81	2.57	3.10
Net Profit Margin (PBT/Sales)	(%)	1.31	4.02	5.27
Return on Total Assets (PBT/Total Assets}	(%)	7.28	16.44	17.69
Return on Investment (ROI) (PBT/Networth)		0.11	0.35	0.67
Debt Equity Ratio (Total Liability/Networth)		0.54	1.15	2.78
Current Ratio (Current Asset/Current Liability)		4.65	2.05	1.90

LOCAL AGENCY FURTHER INFORMATION

DETAILS SUNDRY CREDITORS

(Rs in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors for goods	0.069	3.759	8.703
Creditors for Expenses	3.533	7.679	9.087
TOTAL	3.602	11.438	17.790

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions 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 fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

OPERATIONS:

The company has suspended all the manufacturing activities and started trading of the goods. Due to these, the company has made a profit before depreciation and taxation of Rs.3.049 millions and after providing for depreciation and taxation, the company has earned a profit of Rs.1.424 millions during the year.

FORM 8

Corporate identity number of the company	U20291GJ1994PTC023170
Name of the company	SARKAR PLYWOOD PVT LTD
Address of the registered office or of the principal place of business in India of the company	3/2940-48, Subhan Badshah Swadi Chalamwad Rudtopura, Surat-395003, Gujarat, India.
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Citi Bank, NA, 14, Adarsh Society, Opposite Kakadia Complex, Ghod Dod Road, Surat-395007, Gujarat, India Email : vlaxman@vsnl.com
Nature of instrument creating charge	a) Deed of Hypothecation. b) Business Loan Agreement. (Collectively constitute a single charge for Rs.13.500 Millions).
Date of instrument Creating the charge	08.04.2011
Amount secured by the charge	Rs.13.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest: Annually Renewable Overdraft Facility 12.00% and Packing Credit Facility LIBOR + 200 bps. Terms of Repayment AROD facility shall be payable in 12 months and Packing Credit Facility 6 Months. Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge Hypothecation by way of first exclusive charge on movable assets of the Company as described under Item No.15 below as security for repayment of Rs.13.500 Millions (Comprising : AROD of Rs.9.500 Millions and PC of Rs.4.000 Millions ), together with interest, liquidated damages, costs, charges & expenses and all other moneys due & payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	I) First exclusive charge over the whole of the movable assets of the Company, including any and all stocks, book-debts and receivables, and all other current assets and including plant and machinery. II) Tools, machinery spares, furniture, fixtures, accessories and all other equipment both present and future

Trade References

• Yazer Orman Uranleri
• P T Dunia

Fixed Assets:

• Plant and Machinery
• Office Equipments
• Computer
• Motor Car
• Furniture

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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

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	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		45

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.