MIRA INFORM REPORT

Report No. :	307783
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	SINGLA TIMBERS PRIVATE LIMITED
Registered Office :	B-41, Under Bridge Road, Rajpura Town, Rajpura – 140401, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.06.2009
Com. Reg. No.:	16-032944
Capital Investment / Paid-up Capital :	Rs.6.788 Millions
CIN No.: [Company Identification No.]	U51909PB2009PTC032944
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Importing and Trading in Timber and Logs.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 moderate track record. The rating is constrained on account of company’s moderate financial risk profile and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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: B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	25.06.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	25.06.2014

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. Pankaj Kumar
Designation :	Account Manager
Contact No.:	91-9855550987
Date :	14.02.2015

LOCATIONS

Registered / Head Office :	B-41, Under Bridge Road, Rajpura Town, Rajpura – 140401, Punjab, India
Tel. No. :	91-1762-223084
Mobile No.:	91-9855550987 (Mr. Pankaj Kumar)
Fax No. :	Not Available
E-Mail :	info@singlatimbers.com rkmiglanica@gmail.com
Website :	www.singlatimbers.com
Branch Office 1 :	Survey No. 548/1 Mithirohar, Gandhidham, Kutch – 370201, Gujarat, India
Mobile No. :	91-9825027984 (Mr. Amit Jindal)
E-Mail :	amit@singlatimbers.com
Branch Office 2 :	23/2, Gobind Nagar, Ambala Cantt, Ambala – 133001, Haryana, India
Mobile No. :	91- 99968-61560 (Mr. Arpit Gupta)
E-Mail :	info@singlatimbers.com
Branch Office 3 :	Toph Sherkhania Akhnoor Road, Jammu – 181201, Jammu and Kashmir, India
Mobile No. :	91- 96222-20697 (Mr. Kuldeep Rana)
E-Mail :	kuldeep@singlatimbers.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Rajeev Kumar

Designation :

Managing Director

Address :

R/o 3618, Timber Market, Ambala Cantt, Ambala, Haryana, India

Date of Appointment :

15.05.2010

DIN No. :

02611091

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	U51909PB2009PTC032944	SINGLA TIMBERS PRIVATE LIMITED	Managing director	15/05/2010	19/06/2009	-	Active	NO

Name :

Mr. Arpit Gupta

Designation :

Director

Address :

R/o 3618, Timber Market, Ambala Cantt, Ambala, Haryana, India

Date of Birth/Age :

22.09.1991

Date of Appointment :

02.04.2010

DIN No. :

03026549

KEY EXECUTIVES

Name :	Mr. Pankaj Kumar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Rajeev Kumar	206000	30.35
Anjali Gupta	24000	3.54
Sahil Gupta	152000	22.39
Rajeev Kumar (HUF)	3000	0.44
Arpit Gupta	50000	7.37
Alpna Gases Limited, India	26500	3.90
Bhumiputra (India) Limited, India	70000	10.31
Sino Credits and Leasing Limited, India	45000	6.63
Brig. R.K. Garg	23400	3.45
Pulkit Gupta	30000	4.42
Amit Mehta	48850	7.20
Total	678750	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	28.30
Directors or relatives of Directors	71.70
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Importing and Trading in Timber and Logs.
Products :	Timber and Logs.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Timber and Logs.
Countries :	Malaysia USA Europe Canada South America
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Harsharan Timbers Trader, Jalandar
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Reference :	Nirmal Singh and Sons, Patiala
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Pargkan Singapore Pte Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Reference :	Ruffor (S) Limited, Singapore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name	State Bank of Indi
Branch	Main Branch, Rajpura - 140401, Punjab, India
Person Name (With Designation)	Mr. Swaran Singh
Contact Number	91-1762-240434
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit: Rs. 2.000 Millions B/D : Rs. 40.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan
From Bank (secured by the assets bought from respective loan)	0.305	1.456
SHORT TERM BORROWINGS
Loans repayable on demand
From Bank (C/C)	11.756	12.271
From Bank (B/D)	29.847	30.344
Total	41.908	44.071

Banking Relations :	--
Auditors :
Name :	Goel Subhash and Associates Chartered Accountants
Address :	6269 / 4, Ahata Kedar Nath, Nicholson Road, Ambala Cantt – 133001, Haryana, India
Tel. No. :	91-171-2634744 , 2634844 (Office), 2643844 (Residency)
E-Mail :	goelsubh@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFG3449H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
678750	Equity Shares	Rs.10/- each	Rs.6.788 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.788	4.999	4.999
(b) Reserves & Surplus	65.906	46.500	45.555
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	11.520
Total Shareholders’ Funds (1) + (2)	72.694	51.499	62.074
(3) Non-Current Liabilities
(a) long-term borrowings	0.304	15.762	4.409
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.304	15.762	4.409
(4) Current Liabilities
(a) Short term borrowings	41.604	42.615	31.684
(b) Trade payables	135.957	157.775	168.027
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	6.632	7.300	9.811
Total Current Liabilities (4)	184.193	207.690	209.522
TOTAL	257.191	274.951	276.005
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.489	9.760	10.304
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.425	0.330	0.185
(d) Long-term Loan and Advances	2.960	18.567	18.067
(e) Other Non-current assets	0.085	0.127	0.169
Total Non-Current Assets	22.959	28.784	28.725
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.418	48.641	93.251
(c) Trade receivables	126.626	139.360	99.191
(d) Cash and cash equivalents	24.529	27.841	31.440
(e) Short-term loans and advances	22.287	26.671	21.420
(f) Other current assets	0.372	3.654	1.978
Total Current Assets	234.232	246.167	247.280
TOTAL	257.191	274.951	276.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	847.115	844.960	684.928
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		4.911	1.839	1.119
Less	TAX		1.602	0.894	0.419
	PROFIT/ (LOSS) AFTER TAX		3.309	0.945	0.700
	Earnings / (Loss) Per Share (Rs.)		4.88	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.39	0.11	0.10
Return on Total Assets (PBT/Total Assets}	(%)	1.91	0.67	0.41
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.02
Debt Equity Ratio (Total Debt /Networth)		0.58	1.13	0.58
Current Ratio (Current Asset/Current Liability)		1.27	1.19	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.999	4.999	6.788
Reserves & Surplus	45.555	46.500	65.906
Net worth	50.554	51.499	72.694
long-term borrowings	4.409	15.762	0.304
Short term borrowings	31.684	42.615	41.604
Total borrowings	36.093	58.377	41.908
Debt/Equity ratio	0.714	1.134	0.576

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	684.928	844.960	847.115
		23.365	0.255

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	684.928	844.960	847.115
Profit	0.700	0.945	3.309
	0.10%	0.11%	0.39%

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	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	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Other loan and advances	0.000	14.306
Total	0.000	14.306

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10214803	15/05/2014 *	325,500,000.00	STATE BANK OF INDIA	RAJPURA TOWN BRANCH, RAJPURA, PUNJAB - 140401, IND IA	C06236376
2	10214650	02/04/2010	8,300,000.00	STATE BANK OF INDIA	MAIN BRANCH, RAJPURA, PUNJAB - 140401, INDIA	A84178789

* Date of charge modification

FIXED ASSETS

¨ Land

¨ Building

¨ Plant and Machinery

¨ Vehicles

¨ Office equipment

¨ Computers

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.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	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		34

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.