MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	BAIJNATH TIMBER ENTERPRISES PRIVATE LIMITED
Registered Office :	Par Dankuni, P.O. Dankuni Coal Complex, District Hooghly – 712 310, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.02.2004
Com. Reg. No.:	21-097971
Capital Investment / Paid-up Capital :	Rs.10.826 millions
CIN No.: [Company Identification No.]	U20299WB2004PTC097971
PAN No.: [Permanent Account No.]	AACCB4263B
Legal Form :	Private Limited Liability Company
Line of Business :	Saw Mill, Trading in Timber Logs and Sawn Timber.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 156000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company seems to have moderate networth and below average financial risk profile. 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

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 :	Par Dankuni, P.O. Dankuni Coal Complex, District Hooghly – 712 310, West Bengal, India
Tel. No.:	91-33-26591704/ 26591417
Fax No.:	Not Available
E-Mail :	surendrajoshi@mraghunathco.in baijnathtimber@vsnl.net

DIRECTORS

As on 29.09.2012

Name :

Mr. Bhanu Prakash Choubey

Designation :

Director

Address :

222/1 A, G.T. Road Belur, Howrah – 711 202, West Bengal, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

01.03.2004

DIN No.:

00830659

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	U20299WB2004PTC097971	BAIJNATH TIMBER ENTERPRISES PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	YES
2	U74120WB2011PTC162368	BAIJNATH INTERNATIONAL TRADE PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO

Name :

Ms. Sandhya Choubey

Designation :

Director

Address :

222/1 A, G.T. Road Belur, Howrah – 711 202, West Bengal, India

Date of Birth/Age :

04.07.1972

Date of Appointment :

01.03.2004

DIN No.:

02417831

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	U20299WB2004PTC097971	BAIJNATH TIMBER ENTERPRISES PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	YES
2	U74120WB2011PTC162368	BAIJNATH INTERNATIONAL TRADE PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Bhanu Prakash Choubey	10100	0.93
Sandhya Choubey	34500	3.19
Welkan Vinimay Private Limited, India	40000	3.69
Paramjit Singh	25000	2.31
Mantu Manna	20000	1.85
Daljit Singh Rehan	20000	1.85
Sushmita Bhatacharya	15000	1.39
Awtar Singh Rehan	15000	1.39
Cindey Engineering Private Limited, India	50000	4.62
Remahay Stores (Private) Limited, India	10000	0.92
Amit Agrawal	5000	0.46
Subhash Poddar	5000	0.46
Mayukh Construction, India	10000	0.92
Scionara Finvest Private Limited, India	10000	0.92
Enfield Tracon Private Limited, India	10000	0.92
J. Mishra	30500	2.82
Ayush Tiwari	12500	1.15
Suman Divedi	15000	1.39
Raju Singh	5000	0.46
Sabita Basu	10000	0.92
Ramdeo Fashion Palace Private Limited, India	90000	8.31
Naman Impex Private Limited, India	245000	22.63
Rameshwar Finvest Private Limited, India	150000	13.86
Sri Ram Dealcom Private Limited, India	60000	5.54
Anupam Advisory Private Limited, India	95000	8.78
Aditya Financial and Consultant Private Limited, India	30000	2.77
Tara Vinimay Private Limited, India	24000	2.22
Dipnarayan Vyapaar Private Limited, India	20000	1.85
Maha Laxmi Vinimay Private Limited, India	16000	1.48
Total	1082600	100.00

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	78.51
Directors or relatives of directors	4.12
Other top fifty shareholders	17.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Saw Mill, Trading in Timber Logs and Sawn Timber.

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Capacity Per Annum		Production/Procurement
		Licensed Capacity	Installed Capacity	Quantity
Swan Timber and Size	CFT	NA	NA	17280.15
Teak Wood Sawn Timber	CFT	NA	NA	9533.63
Timber Round Logs	CFT	NA	NA	30661.49
Malaysian Round Logs	CFT	NA	NA	211620.08
Malaysian Sawn Timber	CFT	NA	NA	106269.79
Malaysian Sawn Size and Wood	CFT	NA	NA	--
Gmelina Arborea Logs	CFT	NA	NA	121027.28
Gmelina Rough Square Logs	CFT	NA	NA	150496.08
Gmelina Sawn Timber	CFT	NA	NA	11664.22
Teak Logs	CFT	NA	NA	14153.13
Merbaw Kds Swn Timber	CFT	NA	NA	--
Merbaw Wooden Products	CFT	NA	NA	--
Sawn and Planeed Timber	CFT	NA	NA	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, Free School Street Branch, 6, Royd Street, Kolkata – 700 016, West Bengal, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Indian Overseas Bank, Free School Street Branch
Cash Credit (Secured against hypothecation of fixed assets, stock debtors, lien on FD and personal guarantee of directors)	23.570	20.005
Letter of Credit – Foreign	33.409	20.259
Letter of Credit – Inland (Secured against hypothecation of fixed assets, stock debtors, lien on FD and personal guarantee of directors)	0.000	2.500
Total	56.979	42.764

Banking Relations :	--
Auditors :
Name :	M. Raghunath and Company Chartered Accountants
Address :	6, Garstin Place, Ashoka Chambers, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22305574
Fax No.:	91-33-40056231
E-Mail :	info@mraghunathco.in
Website :	www.mraghunathco.in
Income-tax PAN of auditor or auditor's firm :	AAMFM2581J

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1082600	Equity Shares	Rs.10/- each	Rs.10.826 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		10.826	10.826	10.826
2] Share Application Money Pending Allotment		15.500	15.500	0.000
3] Reserves & Surplus		12.567	9.845	8.063
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.893	36.171	18.889
LOAN FUNDS
1] Secured Loans		56.979	42.764	21.479
2] Unsecured Loans		0.957	0.000	0.000
TOTAL BORROWING		57.936	42.764	21.479
DEFERRED TAX LIABILITIES		0.000	0.029	0.000
TOTAL		96.829	78.964	40.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.379	6.447	7.276
Capital work-in-progress		0.504	0.183	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.005	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.954	90.044	41.454
	Sundry Debtors	38.406	32.815	15.862
	Cash & Bank Balances	11.612	7.713	9.082
	Other Current Assets	4.131	1.906	1.135
	Loans & Advances	6.014	2.805	3.192
Total Current Assets		209.117	135.283	70.725
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	94.757	50.037	36.326
	Other Current Liabilities	25.136	11.411
	Provisions	1.283	1.501	1.307
Total Current Liabilities		121.176	62.949	37.633
Net Current Assets		87.941	72.334	33.092
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		96.829	78.964	40.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	444.659	288.914
		Other Income	1.225	1.762
		TOTAL	445.884	290.676
Less	TOTAL EXPENSES		NA	NA
	PROFIT BEFORE TAX		NA	NA
Less	TAX		NA	NA
	PROFIT AFTER TAX		2.722	1.783
	Earnings Per Share (Rs.)		2.51	1.65

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.61	0.61	NA
Debt Equity Ratio (Total Debt/Networth)		1.49	1.18	1.14
Current Ratio (Current Asset/Current Liability)		1.73	2.15	1.88

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	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 two years	Yes
12) Profitability for last two 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	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Others	0.957	0.000
Total	0.957	0.000

CONTINGENT LIABILITIES NOT ACKNOWLEDGED AS DEBTS IN RESPECT OF (AS ON 31.03.2012):–

· Counter Guarantee in respect of Inland and Foreign LC from Indian Overseas Bank, Free School Street Branch, Kolkata - Rs.33.409 millions.

FIXED ASSETS:

· Land and Building

· Plant and Machineries

· Furniture and Fixtures

· Computer and Printers

· Motor Car

· Motor Lorry

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.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Report Prepared by :

SMN

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	4
--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		29

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.