MIRA INFORM REPORT

Report Date :

25.03.2013

IDENTIFICATION DETAILS

Name :	G.B. LOGS AND 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 :	22.08.2007
Com. Reg. No.:	21-117980
Capital Investment / Paid-up Capital :	Rs. 20.328 millions
CIN No.: [Company Identification No.]	U20232WB2007PTC117980
PAN No.: [Permanent Account No.]	AACCG9567D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Timber
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 810000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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: BB-
Rating Explanation	Moderate risk of default.
Date	December 18, 2012

Rating Agency Name	CRISIL
Rating	Letter of Credit: A4+
Rating Explanation	Minimal degree of safety it carry high credit risk.
Date	December 18, 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.:	91-33-2595508
Fax No.:	Not Available
E-Mail :	mbtpl@sify.com
Factory / Godown :	180/1/G/F, N.T. Road, Baidyabati, District Hoogly, 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 :	22.08.2007
DIN No.:	00651928
Name :	Ms. Manju Gupta
Designation :	Director
Address :	30, Maharshi Devendra Road, Kolkata- 700007, West Bengal, India
Date of Birth/Age :	09.05.1970
Date of Appointment :	18.09.2012
DIN No.:	01575348

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ajay Kumr Gupta	225000
Manju Gupta	105000
Ajay Kumr Gupta (HUF)	20000
Gouri Shankar Gupta (HUF)	20000
Sepujini Devi Gupta	20000
M. B. Woodcraft Private Limited	1610000
Anubhav Infrastructure Limited	1600
Bimla Tradecom Private Limited	520
Chandrachur Vanijya Private Limited	3580
Circular Vincom Private Limited	800
Lotus Dealmark Private Limited	2600
Maa Sharda Vincom Private Limited	400
Maa Ambey Tradelink Private Limited	940
Mayapur Merchandise Private Limited	600
Mayur Merchandise Private Limited	400
Panchmukhi Tradecom Private Limited	1200
Reliable Conclave Private Limited	1200
Sanjay Tie Up Private Limited	780
Shree OHM Properties Private Limited	5400
Silverpoint Infratech Limited	1200
Trimurti Infra Developers Private Limited	2400
Trust Worthy Viniyog Private Limited	1200
Unicon Trade Links Private Limited	400
Vidhata Conclave Private Limited	600
V. R. Tradecom Private Limited	480
Vaikunth Vintrade Private Limited	3460
Vigneshwar Dealmark Private Limited	3000
Total	2032760

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	82.77
Directors or relatives of Directors	17.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Timber

Products :

Item Code No.	Product Description
44011010	Logs and Sawn Timber

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Specialised Chowringhee SME Branch, 2^nd Floor, 1, Middleton Street, Jeevandeep Building,, Kolkata - 700071, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working capital loans from banks	99.744	42.016
Other loans and advances	35.435	0.000
Total	135.179	42.016

Banking Relations :	--
Auditors :
Name :	Naveen Singh and Associates Chartered Accountants
Address :	51 Nalini Seth Road, Ground Floor, Kolkata-700007, West Bengal, India
PAN No.:	AAIFN6001E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2050000	Equity Shares	Rs.10/- each	Rs. 20.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2032760	Equity Shares	Rs.10/- each	Rs. 20.328 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		20.328	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		182.292	93.418	87.655
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		202.620	113.418	107.655
LOAN FUNDS
1] Secured Loans		135.179	42.016	48.954
2] Unsecured Loans		15.687	18.401	19.317
TOTAL BORROWING		150.866	60.417	68.271
DEFERRED TAX LIABILITIES		0.040	0.043	0.000
TOTAL		353.526	173.878	175.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.022	5.983	7.437
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.026
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	307.937	231.006	243.983
	Sundry Debtors	285.746	293.004	181.854
	Cash & Bank Balances	67.389	64.623	0.540
	Other Current Assets	0.096	0.127	60.942
	Loans & Advances	21.055	25.711	11.818
Total Current Assets		682.223	614.471	499.137
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	374.697	439.225	149.599
	Other Current Liabilities	8.022	7.351	177.045
	Provisions	0.000	0.000	4.189
Total Current Liabilities		382.719	446.576	330.833
Net Current Assets		299.504	167.895	168.304
MISCELLANEOUS EXPENSES		0.000	0.000	0.159
TOTAL		353.526	173.878	175.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1263.901	1032.019	899.311
		Other Income	4.693	NA	3.242
		TOTAL (A)	1268.594	NA	902.553
Less	EXPENSES
		Purchases	NA	1022.821 (Financial Expenses and Depreciation)	994.817
		Carriage Inward			3.461
		Labour Charges			0.275
		Custom, Port and Other Charges			0.490
		Plot Rent			0.287
		Bank and LC Charges			14.146
		Office and Administrative Charges			6.345
		Increase in Stock			(129.401)
		TOTAL (B)	NA		890.420
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA		12.133
Less	FINANCIAL EXPENSES (D)		NA		4.807
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA		7.326
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA		0.654
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		NA	8.507	6.672
Less	TAX (H)		NA	2.744	2.010
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.276	5.763	4.662
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.818	8.055	3.393
	BALANCE CARRIED TO THE B/S		21.094	13.818	8.055
	Earnings / (Loss) Per Share (Rs.)		3.58	2.88	2.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.57	NA	0.52
Net Profit Margin (PBT/Sales)	(%)	NA	0.82	0.74
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.37	1.32
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.06
Debt Equity Ratio (Total Debt/Networth)		0.74	0.53	0.63
Current Ratio (Current Asset/Current Liability)		1.78	1.38	1.51

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 Devendra Road, 2^nd Floor, Kolkata-700007, West Bengal, India to the present address w.e.f. 02.06.2010

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related parties	12.844	6.654
Other loans and advances	0.000	11.747
Loans repayable on demand from banks	2.843	0.000
Total	15.687	18.401

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U20232WB2007PTC117980
Name of the company	G.B. LOGS AND 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", 2nd Floor, Unit – 2B, Kolkata-700001, West Bengal, India Email: mbtpl@sify.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10182732
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Specialised Chowringhee SME Branch, 2nd Floor, 1, Middleton Street, Jeevandeep Building,, Kolkata - 700071, West Bengal, India Email: sbi.015196@sbi.co.in
Nature of instrument creating charge	Memorandum for Recording extension of Mortgage by Deposit of Title Deeds covering enhanced Limits and/or Creation of Equitable Mortgage on Additional Properties for Existing Limits and Enhanced Limits and Additional Facilities - (SME-7) belonging to the Borrower and M/s. P.G. Timber Private limited (Corporate Guarantor & Security Provider).
Date of instrument Creating the charge	08.11.2012
Amount secured by the charge	Rs. 470.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit : At 14.25% p.a. with monthly rests. Terms of Repayment Working Capital Limit is repayable on demand. Margin As stipulated by the Bank for the respective assets from time to time. Extent and Operation of the charge The charge operates as first charge basis on the mortgaged properties belonging to the Borrower and M/s. P.G. Timber Private Limited (Corporate Guarantor and Security Provider) to secure the maximum amount under the said charge fixed at Rs.470.000 millions together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. All other terms and conditions continue to remain as before in full force and effect.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and building situated at Mahabir Industrial Complex, Mouza Chawk, J.L. No. Serampore, Dist. Hooghly under Baidyabati Municipal Area TIR dated 11.03.2011. Land situated at Serampore R.S. Dag No.403, 410, 412, 413, 416, L.R. Dag No.432, 439,449,442 R.S. Khatian No.3374, 1961, 1307, 3374, 1376, 2658, J.L. No.4 area 139.83 cottah. Land situated at R.S. Dag No.330, 381, 331, 410, 441 L.R. Dag No.352, 353, 439 Khatian No.2308, 2513, 1767/1, 2829, 3032, 3256, 4651, 4649,4650 area 118.10 cottah belonging to the Borrower. Land and building at Mahabir Industrial Complex, Mouza Chawk, Serampore, Dist Hooghly under Baidyabati Municipal area L.R. Dag No.85, 89/973, 90, 94, 95 110, Khatian No.45, 78, 316, 450, 489, 331, 143, 171 total area 68.02 satak TIR dated 11.03.2011. Residential Flat situated at Uma Shankar Mansion Flat No.56, P4A, 4th Floor, CIT Road, Entally, Kolkata-700014 admeasuring 597 sq.ft. TIR dated 11.03.2011 belonging to P.G. Timber Private Limited (Corporate Guarantor and Security Provider).
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	P.G. Timber Private Limited (Corporate Guarantor and Security Provider)
Particulars of the present modification	By this modification,charge on mortgaged properties belonging to the Borrower situated at Mahabir Industrial Complex, Mouza Chawk,Serampore, District Hooghly and P.G. Timber Private Limited (Corporate Guarantor and Security Provider) situated at Mahabir Industrial Complex, Mouza Chawk,Serampore, Dist. Hooghly and Flat No.56, P4A, 4th Floor, CIT Road, Entally, Kolkata-700014 extended to secure the overall limit of Rs.470.000 millions together with interest, costs and charges thereon.

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• 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.54.34
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.