MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	SILVERTOSS INDUSTRIES PRIVATE LIMITED (w.e.f. 15.02.2011)
Formerly Known As :	SILVERTOSS SUPPLIERS PRIVATE LIMITED
Registered Office :	5, Nimtalla Ghat Street, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.2002
Com. Reg. No.:	21-095204
Capital Investment / Paid-up Capital :	Rs. 43.680 Millions
CIN No.: [Company Identification No.]	U51109WB2002PTC095204
PAN No.: [Permanent Account No.]	AAHCS2622J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plywood
No. of Employees :	120 (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 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a 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 normal for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	February 2013

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ajay Kumar Mishra
Designation :	Import Department
Contact No.:	91-33-26391300
Date :	23.07.2013

LOCATIONS

Registered Office :	5, Nimtalla Ghat Street, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-26391300 / 22693513
Mobile No.:	91-9681274033 (Mr. Ajay Kumar Mishra)
Fax No.:	91-33-22718920
E-Mail :	singhbros1@yahoo.co.in ajay69singhbros@yahoo.com
Location :	Owned
Factory 1 :	Dirghanga Baidyabati P.S. Serampore, District Hooghly, West Bengal, India
Factory 2 :	Located At · Kolkata, West Bengal, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Anand Kumar Singh

Designation :

Managing Director

Address :

17/1A, Nimtalla Ghat, Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

29.12.1970

Date of Appointment :

16.11.2002

DIN No.:

00651384

PAN No.:

AJQPS5322N

Voter ID No.:

00651384

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	U02001WB1999PTC088662	SHREE KRISHNA TIMBER CO PRIVATE LIMITED	Director	21-01-99	21-01-99	-	Active	NO
2	U51109WB2002PTC095203	ROSEWOOD DEALERS PRIVATE LIMITED	Director	20-09-02	20-09-02	-	Amalgamated	NO
3	U51109WB2002PTC095204	SILVERTOSS INDUSTRIES PRIVATE LIMITED	Managing director	16-11-02	16-11-02	-	Active	NO
4	U27106WB2006PTC111959	SHREE SHIVAM METALIKS PRIVATE LIMITED	Director	28-11-06	28-11-06	28-04-10	Active	NO
5	U02001WB2006PTC111139	IMAX INFRASTRUCTURE PRIVATE LIMITED	Director	08-10-07	08-10-07	01-08-11	Active	NO
6	U51431WB2002PTC095027	SYLVAN PLYBOARD (INDIA) PRIVATE LIMITED	Director	06-08-08	06-08-08	17-11-08	Active	NO
7	U51109WB2007PTC119992	LAPTOP VYAPAAR PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO

Name :

Mrs. Priti Singh

Designation :

Director

Address :

17/1A, Nimtalla Ghat, Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

17.07.1975

Date of Appointment :

30.07.2003

DIN No.:

00652560

PAN No.:

AMEPS8104P

Voter ID No.:

00652560

KEY EXECUTIVES

Name :	Mr. Ajay Kumar Mishra
Designation :	Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jai Prakash Singh	120000
Anand Kumar Singh	421050
Shakuntala Singh	243500
Kalyani Singh	46000
Anu Singh	100000
Raghunath Singh	1500
Laptop Vyapaar Private Limited, India	1872250
Umesh Verma	750
Singh Suppliers Private Limited, India	1402750
Kotriwal Commercial Private Limited, India	14400
Midcity Tower Private Limited, India	6000
Radiant Equity Management Private Limited, India	19600
Sylvan Vincom Private Limited, India	120200
Total	4368000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	78.64
Directors or relatives of Directors	21.34
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plywood

Products :

Description of product or service category	ITC Code
Timber Log, Sawn Fanta, Plywwod, Core Veneer	44072900

Imports :

Products :

Plywood

Countries :

· West Africa

· Burma

Terms :

Selling :

Credit

Purchasing :

Credit (Depend)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Sawn Timber	CBM	100000	4000

Particulars	Unit	Actual Production
Teak Wood Sawn Timber @	CFT	1188.771
Sawn Fanta and Sizes @	CFT	531100.386

* On single shift basis ; @ Based on 300 days working

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

· Indian Overseas Bank, International Business Branch, 2, Wood Street, Kolkata - 700016, West Bengal, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks (Hypothecation of crane forklift)	0.000	0.050
Working capital loans from banks (Lien on Fixed Deposit and personal guarantee of Directors)	0.542	39.283
Total	0.542	39.333

Banking Relations :	---
Auditors :
Name :	M. Raghunath and Company Chartered Accountants
Address :	Ashoka Chamber, First Floor, 6, Garstin Place, Kolkata – 700001, West Bengal, India
PAN No.:	FRN003347S
Sister Concern :	Silver Plywood India Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4368000	Equity Shares	Rs.10/- each	Rs.43.680 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	43.680	43.280
(b) Reserves & Surplus	284.409	252.629
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	328.089	295.909
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.050
(b) Deferred tax liabilities (Net)	2.308	1.438
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.308	1.488
(4) Current Liabilities
(a) Short term borrowings	0.542	39.283
(b) Trade payables	3.462	69.173
(c) Other current liabilities	288.714	289.594
(d) Short-term provisions	5.047	2.711
Total Current Liabilities (4)	297.765	400.761
TOTAL	628.162	698.158
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.890	83.530
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.737	1.031
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.288	0.288
Total Non-Current Assets	86.915	84.849
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	249.407	359.905
(c) Trade receivables	114.318	104.301
(d) Cash and cash equivalents	166.958	133.142
(e) Short-term loans and advances	5.054	7.434
(f) Other current assets	5.510	8.527
Total Current Assets	541.247	613.309
TOTAL	628.162	698.158

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		42.078
2] Share Application Money		0.000
3] Reserves & Surplus		186.033
4] (Accumulated Losses)		0.000
NETWORTH		228.111
LOAN FUNDS
1] Secured Loans		70.445
2] Unsecured Loans		0.000
TOTAL BORROWING		70.445
DEFERRED TAX LIABILITIES		0.683
TOTAL		299.239
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.231
Capital work-in-progress		0.000
INVESTMENT		112.057
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	348.343
	Sundry Debtors	82.255
	Cash & Bank Balances	3.493
	Other Current Assets	0.744
	Loans & Advances	13.507
Total Current Assets		448.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	328.405
	Other Current Liabilities	1.850
	Provisions	2.136
Total Current Liabilities		332.391
Net Current Assets		115.951
MISCELLANEOUS EXPENSES		0.000
TOTAL		299.239

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.501	29.477	26.704
Less	FINANCIAL EXPENSES (D)		17.735	16.104	15.995
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.766	13.373	10.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.742	2.256	1.910
	PROFIT BEFORE TAX (E-F) (G)		18.024	11.117	8.799
Less	TAX (H)		5.844	3.420	2.787
	PROFIT AFTER TAX (G-H) (I)		12.180	7.697	6.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.542	22.845	16.833
	BALANCE CARRIED TO THE B/S		42722	30.542	22.845
	Earnings Per Share (Rs.)		2.79	1.78	1.49

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	2.88	1.59	1.69
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.04
Debt Equity Ratio (Total Debt /Networth)		0.00	0.13	0.31
Current Ratio (Current Asset/Current Liability)		1.82	1.53	1.35

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured Rs. In Millions	Charge Holder	Address	Service Request Number (SRN)
1	10373144	13/08/2012	0.875	INDIAN OVERSEAS BANK	International Business Branch, 2, Wood Street, Kolkata - 700016, West Bengal, India	B56642556
2	10165320	12/06/2009	0.749	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel  (West), Mumbai - 400013, Maharashtra, India	A65233850
3	90254361	10/04/2012	447.000	INDIAN OVERSEAS BANK	International Business Branch, 2, Wood Street, Kolkata - 700016, West Bengal, India	B38597423

FIXED ASSETS

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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.58.94
UK Pound	1	Rs.90.48
Euro	1	Rs.77.87

INFORMATION DETAILS

Information Gathered by :	PDT
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	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.