MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	P.G. TIMBER PRIVATE LIMITED
Registered Office :	78, Bentick Street, "Shree Krishna Chamber" 2^nd Floor, Unit - 2B, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.2007
Com. Reg. No.:	21-120882
Capital Investment / Paid-up Capital :	Rs.4.274 Millions
CIN No.: [Company Identification No.]	U20290WB2007PTC120882
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plywood, Flush Door, Pannel Door and Timber Trading
No. of Employees :	Not Available

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 270000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit = B+
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation
Date	17.11.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	78, Bentick Street, "Shree Krishna Chamber" 2^nd Floor, Unit - 2B, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-2225-7780 / 7781
Fax No.:	91-33-2258-7779
E-Mail :	mbtpl@sify.com
Godown / Factory :	180/1/G/H/A, N.T. Road, Baidyabati, District Hooghly, West Bengal, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Ajay Kumar Gupta

Designation :

Director

Address :

213, Maharshi Devendra Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

10.06.1971

Date of Appointment :

07.12.2007

DIN No.:

00651928

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	U20101WB2001PTC093928	M B TIMBER PRIVATE LIMITED	Director	01-04-03	01-04-03	-	Active	NO
2	U20232WB2007PTC117980	G.B. LOGS AND TIMBER PRIVATE LIMITED	Director	22-08-07	22-08-07	-	Active	NO
3	U20290WB2007PTC120882	P. G. TIMBER PRIVATE LIMITED	Director	07-12-07	07-12-07	-	Active	NO
4	U20219WB2009PTC135483	M.B. WOODCRAFT PRIVATE LIMITED	Director	29-05-09	29-05-09	-	Active	NO
5	U20293WB2010PTC141851	A. G. TIMBER PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
6	U74900WB2012PLC177826	MINPRA INFRASTRUCTURES INDUSTRIES LIMITED	Director	27-03-12	27-03-12	-	Active	NO
7	U74999WB2012PTC180631	MINPRA DAIRY AND AGRO PRODUCTS PRIVATE LIMITED	Director	17-04-12	17-04-12	-	Active	NO

Name :

Mr. Ganga Prasad Gupta

Designation :

Director

Address :

30, M.D. Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

19.05.1951

Date of Appointment :

07.12.2007

DIN No.:

01669875

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	U20290WB2007PTC120882	P. G. TIMBER PRIVATE LIMITED	Director	07-12-07	07-12-07	-	Active	NO
2	U20101WB2001PTC093928	M B TIMBER PRIVATE LIMITED	Director	03-02-08	03-02-08	-	Active	NO
3	U20219WB2009PTC135483	M.B. WOODCRAFT PRIVATE LIMITED	Director	29-05-09	29-05-09	-	Active	NO
4	U20293WB2010PTC141851	A. G. TIMBER PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
5	U20232WB2007PTC117980	G.B. LOGS AND TIMBER PRIVATE LIMITED	Director	18-09-12	18-09-12	18-09-12	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ajay Kumar Gupta	5000
Ganga Prasad Gupta	5000
M B Woodcraft Private Limited	400000
Anubhav Infrastructure Limited	1000
Apex Procon Private Limited	380
Barharwa Realtors Private Limited	600
Champion Advisory Private Limited	800
Imperial Retail Private Limited	400
Lotus Dealmark Private Limited	200
Mayapur Merchandise Private Limited	600
Pashupati Dealcom Private Limited	7400
Prime Rose Commosales Private Limited	400
Prudent Vanijya Private Limited	800
Respect Vyapaar Private Limited	200
Sanjay Tie Up Private Limited	400
Trust Worthy Viniyog Private Limited	200
Vaikunth Vintrade Private Limited	1400
Vasu Consultants Private Limited	600
Vigneshwara Dealmark Private Limited	2000
Total	427380

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	2.34
Other top fifty shareholders	97.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plywood, Flush Door, Pannel Door and Timber Trading

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, 38B, Chowringhee Road, Kolkata – 700071, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash Credit Facilities	30.053	14.482
Total	30.053	14.482
Secured against hypothecation of stocks, book debts and other assets of the company
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Unsecured Loan	0.163	5.593
Total	0.163	5.593

Banking Relations :	--
Auditors :
Name :	Naveen Singh and Associates Chartered Accountants
Address :	51, Nalini Seth Road, Ground Floor, Office No. 2, Kolkata – 700007, West Bengal, India
Mobile No.:	91-9007004351 / 9903046174
Fax No.:	91-33-22743209
E-Mail :	finance_nsc@yahoo.co.in
PAN.:	AAIFN6001E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
427380	Equity Shares	Rs.10/- each	Rs.4.274 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.274	4.100	4.100
2] Share Application Money		0.000	7.500	0.000
3] Reserves & Surplus		64.485	17.905	16.000
4] (Accumulated Losses)		0.000	0.000	(0.455)
NETWORTH		68.759	29.505	19.645
LOAN FUNDS
1] Secured Loans		30.053	14.482	0.000
2] Unsecured Loans		0.163	5.593	0.000
TOTAL BORROWING		30.216	20.075	0.000
DEFERRED TAX LIABILITIES		0.446	0.514	0.000
TOTAL		99.421	50.094	19.645
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.784	21.038	2.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.054	0.054	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.831	81.993	0.000
	Sundry Debtors	90.573	48.886	0.000
	Cash & Bank Balances	3.600	3.587	11.169
	Other Current Assets	2.897	2.853	0.000
	Other Non-Current Assets	0.265	0.337	0.000
	Loans & Advances	5.804	21.881	6.261
Total Current Assets		188.970	159.537	17.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.494	126.577	0.200
	Other Current Liabilities	4.307	3.417	0.006
	Provisions	1.586	0.541	0.000
Total Current Liabilities		108.387	130.535	0.206
Net Current Assets		80.583	29.002	17.224
MISCELLANEOUS EXPENSES		0.000	0.000	0.421
TOTAL		99.421	50.094	19.645

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	375.998	263.040	0.000
		Other Income	0.250	0.490	0.002
		TOTAL (A)	376.248	263.530	0.002
Less	EXPENSES
		Manufacturing Expenses
		Cost of Materials Consumed	5.179	0.550
		Purchases of Stock-in-Trade	351.410	327.676
		Changes in Inventories of Finished Goods,	(0.254)	(80.592)
		Other Manufacturing Expenses	2.228	1.348	0.394
		Administrative & Selling Expenses
		Employee Benefit Expenses	0.598	1.431
		Other Administrative and Selling Expenses	1.134	0.917
		Other Expenses	0.087	0.084
		TOTAL (B)	360.382	251.414	0.394
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.866	12.116	(0.392)
Less	FINANCIAL EXPENSES (D)		8.543	7.588	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.323	4.528	(0.392)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.408	1.112	0.000
	PROFIT BEFORE TAX (E-F) (G)		4.915	3.416	(0.392)
Less	TAX (H)		1.519	1.056	0.000
	PROFIT AFTER TAX (G-H) (I)		3.396	2.360	(0.392)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.906	(0.454)	(0.062)
	BALANCE CARRIED TO THE B/S		5.302	1.906	(0.454)
	Earnings Per Share (Rs.)		2.66	5.76	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.90	0.90	0.00
Net Profit Margin (PBT/Sales)	(%)	1.31	1.30	(19600.00)
Return on Total Assets (PBT/Total Assets}	(%)	2.37	1.89	(2.02)
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	(0.02)
Debt Equity Ratio (Total Liability/Networth)		2.16	5.10	0.01
Current Ratio (Current Asset/Current Liability)		1.74	1.22	84.61

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
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 involved in	----------------------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 207, Maharshi Debendra Road, Kolkata – 700007, West Bengal, India to present address w.e.f. 02.06.2010

FUTURE OUTLOOK

Fenestration Industry and Timber Business in India has witnessed rapid progress during the years. Even in the tough times of economic slowdown, the industry succeeded to sustain its positive growth momentum. Thus, the potential for growth of this sector is enormous

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U20290WB2007PTC120882
Name of the company	P. G. TIMBER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	78, Bentick Street, "Shree Krishna Chamber" 2^nd Floor, Unit - 2B, Kolkata – 700001, West Bengal, India mbtpl@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10136813
Type of charge	· Immovable property · Others (corp guar has been given to G.B. Logs and Timber Private Limited)
Particular of charge holder	State Bank of India, 38B, Chowringhee Road, Kolkata – 700071, West Bengal, India sandipkej.home@yahoo.in
Nature of instrument creating charge	Letter of Arrangement Supplemental Agreement of Loan - Cum - Hypothecation Guarantee Agreement Link Letter
Date of instrument Creating the charge	05.04.2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Not Applicable because corporate guarantee has been given by this company to M/s G.B. Logs and Timber Private Limited Terms of Repayment Not Applicable because corporate guarantee has been given by this company to M/s G.B. Logs and Timber Private Limited Margin Not Applicable because corporate guarantee has been given by this company to M/s G.B. Logs and Timber Private Limited Extent and Operation of the charge Not Applicable because corporate guarantee has been given by this company to M/s G.B. Logs and Timber Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) EM of land and building, land measuring 68.02 satak or 41.22 cottah in the name of subject, LR Khatian No. 45, 78, 316, 450, 489, 331, 143, 304, 171, Dag No.85, 89/973, 90, 94, 95, 110, Mouza Chawk GL No.1, P.S Serampore, Muncipality-Baidyabati, District Hoogly, Structures - Main production shed of 14637 sqft, seasoning chamber of 450 Sq ft. Filler unit of 2500 sq. ft. , Entrance gate and Boundary wall of 9312 sq. ft.. Prior Deed No. I-02006/06, Original Title deed no I-03495/08 2) Residential property in the name of subject at "Uma Shankar Mansion", flat no.F-5C, P4A, 4th floor, CIT Road, measuring 597 sq.ft., Prior Deed No. 4275 and 1259, original deed no. 10093
Particulars of the present modification	The company has given corporate guarantee to M/s G.B. Logs and Timber Private Limited and by this modification the overall limit sanctioned to M/s G.B. Logs and Timber Private Limited has been enhanced from Rs.250.000 Millions to Rs.350.000 Millions comprising of: Cash Credit : Rs. 50.000 Millions (Existing) Letter of Credit : Rs. 300.000 Millions (Additional Rs.100.000 Millions)

FIXED ASSETS

· Office Printer

· Buildings

· Plant and Machinery

· Factory Shed

· Vehicle

· Fire Extinguisher

· Mobile Phone

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 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

NTH

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	NO
--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.