MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	DEVANSHI PLYBOARD INDUSTRIES PRIVATE LIMITED
Registered Office :	67, Maharshi Debendra Road, 3^rd Floor, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.05.2011
Com. Reg. No.:	21-162880
Capital Investment / Paid-up Capital :	Rs. 46.000 Millions
CIN No.: [Company Identification No.]	U20232WB2011PTC162880
TAN No.: [Tax Deduction & Collection Account No.]	CALD08423C
PAN No.: [Permanent Account No.]	AADCD8460H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Plywood, Timber Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. The company has incurred a loss from its operations during 2013. However, trade relations are reported as fair. Business is active. Payment terms 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 (GENERAL DETAILS)

Name :	Mr. Surendra Joshi
Designation :	Accounts Manager
Contact No.:	91-9830071871
Date :	25.09.2014

LOCATIONS

Registered Office :	67, Maharshi Debendra Road, 3^rd Floor, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-22680023
Mobile No.:	91-9830071871 (Mr. Surendra Joshi)
Fax No.:	Not Available
E-Mail :	devanshiplyboard@yahoo.in
Factory :	Bighati, Police Station, Bhadreshwar, Delhi RD, NH2, Hooghly – 712124, West Bengal, India

DIRECTORS

AS ON 30.09.2013

Name :

Amit Singh

Designation :

Director

Address :

5, Nimtalla Ghat Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

07.10.1973

Date of Appointment :

23.05.2011

DIN No. :

02917153

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	U51109WB2007PTC119992	LAPTOP VYAPAAR PRIVATE LIMITED	Director	26/02/2010	26/02/2010	02/12/2010	Active	NO
2	U27106WB2006PTC111959	SHREE SHIVAM METALIKS PRIVATE LIMITED	Director	16/04/2010	16/04/2010	28/06/2012	Active	NO
3	U20232WB2011PTC162880	DEVANSHI PLYBOARD INDUSTRIES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
4	U51109WB2007PTC114111	BRILLANT GOODS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	02/01/2014	Active	NO
5	U51109WB2005PTC105699	UPSIDE COMMERCIAL PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
6	U51900WB2008PTC127033	ARADHANA MERCANTILE PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO

Name :

Niraj Agarwa

Designation :

Director

Address :

11A Palm Avenue Ashok Towers, Kolkata -700019, West Bengal, India

Date of Birth/Age :

03.10.1985

Date of Appointment :

23.05.2011

DIN No. :

03526499

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	U20232WB2011PTC162880	DEVANSHI PLYBOARD INDUSTRIES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
2	U51109WB2007PTC114111	BRILLANT GOODS PRIVATE LIMITED	Additional director	17/04/2013	17/04/2013	-	Active	NO
3	U51109WB2005PTC105699	UPSIDE COMMERCIAL PRIVATE LIMITED	Additional director	22/08/2014	22/08/2014	-	Active	NO
4	U51900WB2008PTC127033	ARADHANA MERCANTILE PRIVATE LIMITED	Additional director	22/08/2014	22/08/2014	-	Active	NO

Name :

Kamal Kumar Agarwala

Designation :

Director

Address :

11A Palm Avenue Ashok Towers, Kolkata -700019, West Bengal, India

Date of Birth/Age :

27.11.1962

Date of Appointment :

23.05.2011

DIN No. :

02206772

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	U74999WB2008PTC126993	SHREE NARAYAN PLYWOOD & VENEERS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
2	U20296WB2011PTC156935	SHREE NARAYAN TIMBER COMPANY PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
3	U20232WB2011PTC162880	DEVANSHI PLYBOARD INDUSTRIES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO

Name :

Bipin Kumar Singh

Designation :

Director

Address :

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

Date of Birth/Age :

04.08.1970

Date of Appointment :

23.05.2011

DIN No. :

02825528

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	U51109WB2007PTC119992	LAPTOP VYAPAAR PRIVATE LIMITED	Director	08/10/2009	08/10/2009	20/12/2010	Active	NO
2	U27106WB2006PTC111959	SHREE SHIVAM METALIKS PRIVATE LIMITED	Director	18/06/2012	16/04/2010	26/02/2013	Active	NO
3	U20232WB2011PTC162880	DEVANSHI PLYBOARD INDUSTRIES PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO
4	U51109WB2005PTC105699	UPSIDE COMMERCIAL PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
5	U51900WB2008PTC127033	ARADHANA MERCANTILE PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
6	U51109WB2007PTC114111	BRILLANT GOODS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Surendra Joshi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Amit Singh	32500
Niraj Agarwal	34500
Kamal Kumar Agarwala	87500
Bipin Kumar Singh	43500
Amit Agarwal	65000
Tarun Kumar Agarwal	68000
Shriti Agarwal	150000
Shashi kant Tiwari	20000
Sylvan Vincom Private Limited, India	96000
Roshni Dealmark Private Limited, India	50000
Comfort Dealmark Private Limited, India	67500
Laptop Vyapaar Private Limited, India	178000
Shree Narayan Plywood and Veneers Private Limited, India	50000
Jagsakti Vinimay Private Limited, India	7500
Brilliant Goods Private Limited, India	3650000
Total	4600000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	89.11
Directors or relatives of Directors	10.46
Other top fifty shareholders	0.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Plywood, Timber Products.
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	50 (Approximately)
Bankers :	Paschim Banga Gramin Bank, Nawgamore Branch, 148(355A) G.T. Road, Post- Chaitra, Hooghly, Nawgamore - 712203, West Bengal, India

Banking Relations :
Auditors :
Name :	R.T. Yadava and Company Chartered Accountants
Address :	22, Canning Street, 4th Floor, Room No – 35A, Kolkata – 700001, West Bengal, India
PAN No.:	AAEFR7500N
Name :	M. Raghunath and Company Chartered Accountants

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 65.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,600,000	Equity Shares	Rs.10/- each	Rs. 46.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,600,000	Equity Shares	Rs.10/- each	Rs. 46.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	22.05.2011 To 31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.000	9.500
(b) Reserves & Surplus	7.489	7.559
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.162	0.158
Total Shareholders’ Funds (1) + (2)	53.651	17.217
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2.264	0.000
(c) Other current liabilities	0.042	0.004
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	2.306	0.004
TOTAL	55.957	17.221
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.822	4.495
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.790	0.069
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	29.612	4.564
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	12.337	0.000
(d) Cash and cash equivalents	10.869	12.525
(e) Short-term loans and advances	3.039	0.000
(f) Other current assets	0.100	0.132
Total Current Assets	26.345	12.657
TOTAL	55.957	17.221

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	22.05.2011 To 31.03.2012
SALES
Gross Income	1197075.484	Nil
Other Income	NA	Nil
TOTAL	NA	Nil
EXPENSES	NA	Nil
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3988.300	Nil
FINANCIAL EXPENSES	125.300	Nil
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3988.300	Nil
DEPRECIATION/ AMORTISATION	11031.200	Nil
PROFIT/ (LOSS) BEFORE TAX	(7042.900)	(4072.100)
TAX	0.000	0.000
PROFIT/ (LOSS) AFTER TAX	(7042.900)	(4072.100)
Balance Carried to the B/S	(7042.900)	(4072.100)
Earnings / (Loss) Per Share (Rs.)	1531.07	--

KEY RATIOS

PARTICULARS		31.03.2013	22.05.2011 To 31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(12586.27)	(23646.13)
Return on Investment (ROI) (PBT/Networth)		(131.27)	(236.52)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		11.42	3164.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	22.05.2011 to 31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.500	46.000
Reserves & Surplus	7.559	7.489
Share Application money pending allotment	0.158	0.162
Net worth	17.217	53.651
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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 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	Yes
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	No
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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450435	13/09/2013	50,000,000.00	PASCHIM BANGA GRAMIN BANK	NAWGAMORE BRANCH, 148(355A) G.T.ROAD, POST- CHAIT  RA, HOOGHLY, NAWGAMORE, West Bengal - 712203, INDIA	B85521011

FINANCIAL HIGHLIGHTS

Turnover for the year was Rs. 1197075.484 Millions as against NIL in the previous year and loss for the year was Rs.7042.900 as against loss of Rs.4072.100 Millions in the previous year.

Profit/(Loss) before interest, depreciation and tax was Rs. (3988.300) Millions against nil in the previous year.

Profit/(Loss) before tax was Rs.(7042.900 ) Millions against Res (4072.100) Millions in the previous year and Profit/(Loss) after tax stood at Rs. (7042.900) Millions against Res (4072.100) Millions in the previous year.

FIXED ASSETS

· Land

· Air Condition

· Factory Building

· Factory Licenses

· Furniture and Fitting

· Office Premises

· Plant And Machinery

· Computer

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.61.02
UK Pound	1	Rs.99.43
Euro	1	Rs.77.84

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.