MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	SHREE GUJRAT PLYBOARD INDUSTRIES
Registered Office :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin Surat-394230, Gujrat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation/ Year of Establishment :	1998
Capital Investment / Paid-up Capital :	Not Available
IEC No.:	5207020684
PAN No.: [Permanent Account No.]	AAKFS5368P
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer, Exporter and Importer of Plywood, Block Boards, Flush Door, Decorative Door, Veneers, Particle Board, ‘’Gunj’’, ‘’Swamiram’’, ‘’Sen’’, ‘’GPI’’, ‘’Santro’’, ‘’Gujcan’’.
No. of Employees :	100 (Approximately)

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 26000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Suresh Keshrani
Designation :	Partner
Contact No.:	91-9825087603
Date :	15.07.2014

LOCATIONS

Registered Office/ Factory :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin, Surat-394230, Gujarat, India
Tel. No.:	91-261-2391030
Mobile No.:	91-9825087603 (Mr. Suresh Keshrani)
Fax No.:	91-261-2391030/2394823
E-Mail :	gujaratplyboard@gmail.com
Website :	http://www.gujaratplywood.com
Area :	7000 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Sanjay Keshrani
Designation :	Partner
Address :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin, Surat-394230, Gujarat, India
Date of Birth/Age :	44 Years
Qualification :	SSC
Experience :	20 Years
Name :	Mr. Suresh Keshrani
Designation :	Partner
Address :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin, Surat-394230, Gujarat, India
Date of Birth/Age :	42 Years
Qualification :	B.Com.
Experience :	17 Years
Name :	Smt. Jayaben S Keshrani
Designation :	Partner
Address :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin, Surat-394230, Gujarat, India
Date of Birth/Age :	42 Years
Qualification :	SSC
Name :	Smt. Jayashree S Keshrani
Designation :	Partner
Address :	B-18/4, 5, Sachin Udyog Nagar, Road No. 14, Hojiwala Estate, P.O. Sachin, Surat-394230, Gujarat, India
Date of Birth/Age :	40 Years
Qualification :	SSC

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plywood, Block Boards, Flush Door, Decorative Door, Veneers, Particle Board, ‘’Gunj’’, ‘’Swamiram’’, ‘’Sen’’, ‘’GPI’’, ‘’Santro’’, ‘’Gujcan’’.
Exports :
Products :	· Plywood · Block Boards · Flush Door · Decorative Door
Countries :	Asian Countries
Imports :
Products :	· Moulded HDF Sheet · Wood · PVC Films
Countries :	Asian Countries
Terms :
Selling :	Cash and L/C (30 Days)
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :	Not Divulged
No. of Employees :	100 (Approximately)
Bankers :	Sutex Co Operative Bank Limited , GIDC, Sachin, Surat, Gujarat, India
Facilities :	Credit Limit Rs.5.000 Millions (From Sutex Co Operative Bank Limited)

Banking Relations :	--
Auditors :
Name :	A.L. Patel and Company Chartered Accountants
Address :	310. Tirupati Plaza-A, Athwagate, Surat - 395001, Gujarat, India
Tel No :	91-261-2470115
Email :	alpatelca@gmail.com
Sister Concern :	· Shree Gomati Enterprises Address : C-15/7, Sachin Udyog Nagar, Hojiwala Estate, Sachin, Surat, Gujarat, India Line of Business : Marketing and Trading · Shree Wood Industries Address : B-18/5, Sachin Udyog Nagar, Hojiwala Estate, Sachin, Surat, Gujarat, India Line of Business : Manufacturing

CAPITAL STRUCTURE

As on: 31.03.2013

Capital Investment :
Owned :	Not Divulged
Borrowed :	--
Total :	Not Divulged

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2013
Sales Turnover/ (Approximately)	15.000

The above information has been parted by Mr. Suresh Keshrani

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital			6.540	5.276
2] Share Application Money			0.000	0.000
3] Reserves & Surplus			0.000	0.000
4] (Accumulated Losses)			0.000	0.000
NETWORTH			6.540	5.276
LOAN FUNDS
1] Secured Loans			1.357	2.099
2] Unsecured Loans			0.379	0.321
TOTAL BORROWING			1.736	2.420
DEFERRED TAX LIABILITIES			0.000	0.000
TOTAL			8.276	7.696
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			2.689	2.311
Capital work-in-progress			0.000	0.000
INVESTMENT			0.200	0.190
DEFERREX TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		0.000	0.000
	Sundry Debtors		1.998	2.303
	Cash & Bank Balances		0.090	0.191
	Other Current Assets		0.000	0.000
	Loans & Advances		5.821	5.815
Total Current Assets			7.909	8.309
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		2.467	3.081
	Other Current Liabilities			0
	Provisions		0.055	0.033
Total Current Liabilities			2.522	3.114
Net Current Assets			5.387	5.195
MISCELLANEOUS EXPENSES			0.000	0.000
TOTAL			8.276	7.696

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011
SALES
	Income	12.442	12.974
	Other Income	0.028	0.021
	Stock Destroyed in Fire	0.381	0.000
	TOTAL	12.851	12.995
EXPENSES
	Cost of Goods Sold	8.901	8.943
	2 % CST Credit Less	0.118	0.134
	Bonus Expenses	0.036	0.033
	Employee Provident Fund Expenses	0.058	0.053
	Freight and Forwarding Charges	0.476	0.609
	Milgine Purchase	0.009	0.040
	Power Fuel	0.872	0.744
	Salary	0.427	0.391
	Account Salary Expenses	0.034	0.034
	Advertisement and Publicity	0.013	0.000
	Audit Fees	0.013	0.013
	Bank Charges	0.004	0.004
	Bank Interest on Loan - (Mach)	0.009	0.035
	Bank Interest on Loan - (Vehicle)	0.000	0.001
	Bank Interest	0.276	0.182
	Computer Expenses	0.012	0.007
	Electric Bill Expenses	0.028	0.034
	GIDC Service Charges	0.016	0.013
	Insurance Expenses	0.069	0.032
	Insurance Expenses – Tempo	0.013	0.010
	Insurance Expenses – (Vehicle)	0.022	0.010
	Interest on Unsecured Loan	0.000	0.040
	Interest to Partners	0.637	0.500
	ISO Expenses	0.009	0.032
	Kasar Vatav	0.000	0.000
	Legal Expenses	0.008	0.053
	License Fees	0.008	0.008
	Loss Due to Fire	0.268	0.000
	Miscellaneous Expenses	0.012	0.000
	Office Expenses	0.023	0.022
	Penalty Charges	0.000	0.000
	Postal Expenses	0.003	0.003
	Printing and Stationary	0.008	0.008
	Professional Tax Expenses	0.002	0.002
	Remuneration to Partners	0.150	0.250
	Rent	0.060	0.060
	Repair and maintenance Expenses	0.022	0.022
	Staff Salary Expenses	0.096	0.096
	Telephone Expenses	0.019	0.023
	Vehicle Expenses	0.025	0.000
	Web Deagning Expenses	0.000	0.066
	TOTAL	12.756	12.507
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.095	0.488
DEPRECIATION/ AMORTISATION		0.427	0.364
PROFIT/(LOSS) BEFORE TAX		(0.332)	0.106
IMPORTS
	Raw Materials	8.491	11.087
	Capital Goods	0.814	0.000
TOTAL IMPORTS		9.305	11.087

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	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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last One 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	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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

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 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.60.18
UK Pound	1	Rs.102.86
Euro	1	Rs.81.48

INFORMATION DETAILS

Information Gathered by :	PAL
Analysis Done by :	KAR
Report Prepared by :	ARI

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.