MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	KHS TRADEFIN PRIVATE LIMITED SHRI TIRUPATI PLYWORLD (A DIVISION OF KHS TRADEFIN PRIVATE LIMITED)
Registered Office :	7 Mango Lane Suit No – 203, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.09.1997
Com. Reg. No.:	21-085505
Capital Investment / Paid-up Capital :	Rs.4.500 Millions
CIN No.: [Company Identification No.]	U14101WB1997PTC085505
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesale Trading in Plywood, Block Board, MDF and Particle Baord, Flush Doors. Harwood, BWR and MR Plywood.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 32000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

LOCATIONS

Registered Office :	7 Mango Lane Suit No – 203, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22101490/6666384/6717
Fax No.:	91-33-2436249
E-Mail :	tirupatiply@hotmail.com sunildhanuka@rediffmail.com
Office and Godown :	No 90/91, Weavers Colony, Sarakki Gate, 14^th A cross, Kanakpura Main Road, Bangalore – 560078, Karnataka, India
Tel. No.:	91-80-22454479
Fax No.:	91-80-22454915
Area :	1500 sq ft

DIRECTORS

As on 30.09.2011

Name :

Mr. Sunil Dhanuka

Designation :

Director

Address :

Flat – 2E, 12, ardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India

Date of Birth/Age :

02.08.1969

Date of Appointment :

22.09.1997

DIN No.:

00294467

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14101WB1997PTC085505	KHS TRADEFIN PRIVATE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
2	U26952WB2003PTC096282	ADITI PLASTICS PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO

Name :

Mr. Amit Dhanuka

Designation :

Director

Address :

Flat – 2E, 12, ardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India

Date of Birth/Age :

25.12.1975

Date of Appointment :

22.09.1997

DIN No.:

00296809

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14101WB1997PTC085505	KHS TRADEFIN PRIVATE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
2	L14102KA1990PLC023497	GLITTEK GRANITES LIMITED	Director	23/09/2008	30/06/2008	-	Active	NO

Name :

Mr. Rajesh Dhanuka

Designation :

Director

Address :

Flat – 2E, 12, ardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India

Date of Birth/Age :

28.12.1975

Date of Appointment :

30.09.2003

DIN No.:

01398250

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14101WB1997PTC085505	KHS TRADEFIN PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
2	U26952WB2003PTC096282	ADITI PLASTICS PRIVATE LIMITED	Director	16/12/2003	16/12/2003	28/08/2009	Active	NO

Name :

Mr. Manish Dhanuka

Designation :

Director

Address :

Flat – 2E, 12, ardutt Rai Chamaria Road, Howrah – 711101, West Bengal, India

Date of Birth/Age :

15.04.1975

Date of Appointment :

30.09.2003

DIN No.:

01398230

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sunil Dhanuka	100
Amit Dhanuka	100
Hari Prasad Dhanuka	53500
Vijay Kumar Dhanuka	50000
Meena Dhanuka	25000
Kailash Dhanuka	29800
Kiran Dhanuka	15000
Sudha Dhanuka	16500
Sanwar Mal Dhanuka	30000
Rajesh Dhanuka	100000
Manish Dhanuka	30000
Sumit Dhanuka	100000
Total	450000

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 :	Wholesale Trading in Plywood, Block Board, MDF and Particle Baord, Flush Doors. Harwood, BWR and MR Plywood.
Products :	Plywood

GENERAL INFORMATION

No. of Employees :

10 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Kotak Mahindra Bank Limited, Bangalore, Karnataka, India

· State Bank of India, Brabourne Road, Branch Kolkata, West Bengal, India

Facilities :

(Rs. in Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Kotak Mahindra Bank Limited	1.833	0.000
Loan from Director and Shareholder	5.076	2.240
Total	6.909	2.240

Banking Relations :	--
Auditors :
Name :	Shrwan Singhania and Company Chartered Accountant
Address :	1 British India Street, Kolkata – 700069, West Bengal, India
Mobile No.:	91-9038084343
	ssm1979@hotmail.com
PAN.:	AIMPS7509L
Memberships :	Trade India
Sister Concern:	Dhanuka Enterprises Address: Bangalore, Karnataka, India

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
450000	Equity Shares	Rs.10/- each	Rs.4.500 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		4.500	4.500	4.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.552	3.182	2.825
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.052	7.682	7.325
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.101
2] Unsecured Loans		6.909	2.240	1.850
TOTAL BORROWING		6.909	2.240	1.951
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.961	9.922	9.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.175	0.234	0.256
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.085	2.001	2.007
DEFERREX TAX ASSETS		0.030	0.027	0.022
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.494	6.874	5.060
	Sundry Debtors	10.068	8.906	7.465
	Cash & Bank Balances	0.431	0.639	1.008
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.296	1.175	0.989
Total Current Assets		20.289	17.594	14.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.252	9.517	7.245
	Other Current Liabilities	0.226	0.250	0.149
	Provisions	0.140	0.140	0.137
Total Current Liabilities		7.618	9.907	7.531
Net Current Assets		12.671	7.687	6.991
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14.961	9.922	9.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28.457	26.319	26.359
		Other Income	0.121	0.122	0.073
		TOTAL	28.578	26.441	26.432
Less	EXPENSES
		Cost of Goods Sold	24.376	22.380	22.538
		Freight	1.182	1.304	1.670
		Directors Remuneration	0.360	0.420	0.216
		Payments to Employees	0.456	0.594	0.588
		Administrative and Other Expenses	1.624	1.163	0.892
		TOTAL	27.998	25.862	25.904
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.580	0.579	0.528
Less/ Add	DEPRECIATION/ AMORTISATION		0.058	0.072	0.087
	PROFIT BEFORE TAX		0.522	0.507	0.441
Less	TAX		0.152	0.150	0.140
	PROFIT AFTER TAX		0.370	0.357	0.301
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.682	2.325	2.02
	BALANCE CARRIED TO THE B/S		3.052	2.682	2.325
	Earnings Per Share (Rs.)		0.82	0.79	0.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	1.35	1.14
Net Profit Margin (PBT/Sales)	(%)	1.83	1.93	1.67
Return on Total Assets (PBT/Total Assets}	(%)	2.57	2.88	3.04
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.06
Debt Equity Ratio (Total Liability/Networth)		0.95	1.29	1.03
Current Ratio (Current Asset/Current Liability)		2.66	1.78	1.93

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS:

Shri Tirupati Plyworld is a Division of the Parent Company KHS TRADEFIN PRIVATE LIMITED Kolkatta enaged in Wholesale Trading in Plywood, Block Board, MDF and Particle Baord, Flush Doors. Harwood, BWR and MR. Plywood

The above products are used in the constructions of Auditories, Manufacturing of commercial and residential furniture, Modular Kitchen, Ship Building and Mould and Die making applications.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U14101WB1997PTC085505
Name of the company	KHS TRADEFIN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7 Mango Lane Suit No – 203, Kolkata – 700001, West Bengal, India Email: sunildhanuka@rediffmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
CIN, in case charge holder or ARC or assignee is a company	L65110MH1985PLC038137
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India Email: john.fernandes@kotak.com
Nature of instrument creating charge	Deed of Hypothecation.
Date of instrument Creating the charge	28.02.2012
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: Floating over the tenure of the facility. The Rate of Interest has been arrived at on the basis of the Bank's Base Rate. Terms of Repayment As may be specified by the Bank from time to time. Margin NIL Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets and Movable fixed assets present and future of the Borrower, in favour of Kotak Mahindra bank Limited. as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets and Movable fixed assets both present and future as described in Schedule to the Deed of Hypothecation.

Fixed Assets

· Computer

· Air Conditioner

· Fax Cell Phone

· Motor Cycle

· Motor Car

· Fire Extinguisher

· 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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	2
--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		27

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.