MIRA INFORM REPORT

Report No. :	302595
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	SHREEJI WOOD CRAFT PRIVATE LIMITED
Registered Office :	Unit No. 803, 8th Floor, Western Edge-Ii, Near CCI Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.10.2007
Com. Reg. No.:	Rs.5.000 Millions
Capital Investment / Paid-up Capital :	11-175260
CIN No.: [Company Identification No.]	U36102MH2007PTC175260
IEC No.:	0309061300
TAN No.: [Tax Deduction & Collection Account No.]	MUMS57520B
PAN No.: [Permanent Account No.]	AALC53011M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Superior Quality Wood based Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 company has taken huge external borrowing, which acts as threatening to the liquidity position 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	Long term Bank Facilities = BB -
Rating Explanation	Inadequate credit quality and high credit risk
Date	06.06.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of Safety and very high credit risk.
Date	06.06.2014

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.

LOCATIONS

Registered Office :	Unit No. 803, 8th Floor, Western Edge-Ii, Near CCI Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28489077
Fax No.:	91-22-28488465
E-Mail :	accounts@shreejiwoodcraft.com
Factory :	Survey No 215/2, Surangi – Velugan Road, Velugam Village, Silvasa -396230, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vipul Sharad Parekh

Designation :

Directors

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

27.04.1971

Date of Appointment :

22.10.2007

DIN No.:

00283113

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	U51431MH1995PTC087810	SHREEJI TIMBER TECHNIQUE AND ENGINEERING PRIVATE LIMITED	Director	27-07-95	27-07-95	-	Converted to LLP and dissolved	NO
2	U36102MH2007PTC175260	SHREEJI WOODCRAFT PRIVATE LIMITED	Director	22-10-07	22-10-07	-	Active	NO
3	AAA-3166	SHREEJI INTERBUILT LLP	Designated Partner	22-12-10	22-12-10	-	Active	NO
4	AAC-7100	SHREEJI TIMBER TECHNIQUE AND ENGINEERING LLP	Designated Partner	15-09-14	15-09-14	-	Active	NO

Name :

Mr. Shashikant Mohanlal Mer

Designation :

Director

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

05.08.1955

Date of Appointment :

22.10.2007

DIN No.:

00283178

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	U51431MH1995PTC087810	SHREEJI TIMBER TECHNIQUE AND ENGINEERING PRIVATE LIMITED	Director	27-04-95	27-04-95	05-09-13	Converted to LLP and dissolved	NO
2	U36102MH2007PTC175260	SHREEJI WOODCRAFT PRIVATE LIMITED	Director	22-10-07	22-10-07	-	Active	NO

Name :

Mr. Nilesh Sharadbhai Parekh

Designation :

Director

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

02.04.1969

Date of Appointment :

22.10.2007

DIN No.:

01767438

Name :

Mr. Chirag Sharadkumar Parekh

Designation :

Director

Address :

C-209, Parichay Building, Vidya Mandir Road, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

04.07.1972

Date of Appointment :

22.10.2007

DIN No.:

01782479

KEY EXECUTIVES

Name :	Geeta K. Sheth
Designation :	Company Secretary
Address :	Office: 4, Mulji Mistry Building, 64-B, Tejpal Road, Opposite, Parle Gluco Factory, Vile Parle (East), Mumbai – 400057, India
Qualification :	B.Com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Vipul Sharad Parekh	147000
Chirag Sharadkumar Parekh	147000
Nilesh Sharadbhai Parekh	147000
Shashikant Mohanlal Mer	49000
Reena Vipul Parekh	2250
Sneha Nilesh Parekh	2250
Hansa Sharadkumar Parekh	2250
Hemal Chirag Parekh	2250
Nita Shashikant Mer	500
Mehul Shashikant Mer	500
Total	500000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Superior Quality Wood based Products
Products :	v Quality Wood based Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Corporation Bank,
Branch Address	Laxmi Apartments, Shubham Karoti Housing Complex, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans Secured Against equitable mortgage of factory land and building at village at Dadra Nagar and Haveli and hypothecation of plant and machineries and other movable assets.	24.582	39.841
Vehicle loans Secured by hypothecation of vehicles purchased under hire purchase scheme	0.000	0.353
SHORT TERM BORROWINGS
Working capital Facilities from Bank Secured by Hypothecation of inventories, book debts and current Assets	41.288	33.875
	0.000
Total	65.870	74.069

Auditors :
Name :	N K Sheth and Company Chartered Accountants
Address :	4, Mulji Mistry Building, No. B, 64-B, Tejpal Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-26166512 / 26115777
Fax No.:	91-22-26166447
E-Mail :	nksheth@vsnl.com
PAN No.:	AABPS6381D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Related Parties :	· Krishna Wood Craft  · Zyrex Enterprises  · Shreeji Doors and Plywood Industries · Siddharth Industries · Shree Wood Industries · Shreenath Construction · Siddhivinayak Constructions

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	15.261	9.473	3.389
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	20.261	14.473	8.389
(3) Non-Current Liabilities
(a) long-term borrowings	94.928	110.744	107.960
(b) Deferred tax liabilities (Net)	1.285	1.106	0.782
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.560	0.240	0.000
Total Non-current Liabilities (3)	96.773	112.090	108.742
(4) Current Liabilities
(a) Short term borrowings	41.288	33.875	22.830
(b) Trade payables	78.767	58.631	65.192
(c) Other current liabilities	36.773	25.665	24.844
(d) Short-term provisions	0.014	0.720	0.014
Total Current Liabilities (4)	156.842	118.891	112.880
TOTAL	273.876	245.454	230.011
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.263	124.108	100.087
(ii) Intangible Assets	0.054	0.055	0.000
(iii) Capital work-in-progress	1.947	0.000	27.369
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.755	0.644	0.436
(e) Other Non-current assets
Total Non-Current Assets	121.019	124.807	127.892
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.717	53.006	46.466
(c) Trade receivables	83.297	56.294	49.822
(d) Cash and cash equivalents	5.020	9.835	3.972
(e) Short-term loans and advances	1.691	1.428	1.697
(f) Other current assets	0.132	0.084	0.162
Total Current Assets	152.857	120.647	102.119
TOTAL	273.876	245.454	230.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales and Other Income	287.112	231.684	195.668
		TOTAL	287.112	231.684	195.668
Less	EXPENSES
		TOTAL	265.986	212.292	184.423
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.126	19.392	11.245
Less/ Add	DEPRECIATION/ AMORTISATION		12.293	10.817	8.870
	PROFIT BEFORE TAX		8.833	8.575	2.375
Less	TAX		3.045	2.490	0.744
	PROFIT AFTER TAX		5.788	6.085	1.631
	Earnings Per Share (Rs.)		11.58	12.17	3.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.02	2.63	0.83
Operating Profit Margin (PBITD/Sales)	(%)	7.36	8.37	5.75
Return on Total Assets (PBT/Total Assets}	(%)	3.25	3.49	1.17
Return on Investment (ROI) (PBT/Networth)		0.44	0.59	0.28
Debt Equity Ratio (Total Debt /Networth)		6.72	9.99	15.59
Current Ratio (Current Asset/Current Liability)		0.97	1.01	0.90

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	5.000	5.000	5.000
Reserves & Surplus	3.389	9.473	15.261
Net worth	8.389	14.473	20.261
long-term borrowings	107.960	110.744	94.928
Short term borrowings	22.830	33.875	41.288
Total borrowings	130.790	144.619	136.216
Debt/Equity ratio	15.591	9.992	6.723

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)
Total Sales	195.668	231.684	287.112
		18.407	23.924

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Sales	195.668	231.684	287.112
Profit	1.631	6.085	5.788
	0.83%	2.63%	2.02%

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	Yes
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

Note: Registered office of the company has been shifted from 402, Akruti Orion, Shradhanand Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India to the present address 01.02.2012

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loan from Directors and Members
Directors	66.500	63.050
Relative and Members	0.000	2.500
Others	3.846	6.000
Total	70.346	71.550

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10345290	18/02/2012	842,000.00	CORPORATION BANK	LAXMI APTS., SHUBHAM KAROTI HSG COMPLEX,, ANAND N  AGAR, DAHISAR (EAST),, MUMBAI, Maharashtra - 40006  8, INDIA	B36181832
2	10303014	23/07/2011	19,100,000.00	CORPORATION BANK	LAXMI APTS., SHUBHAM KAROTI HSG COMPLEX,, ANAND N  AGAR, DAHISAR (EAST),, MUMBAI, Maharashtra - 40006  8, INDIA	B19115948
3	10155125	16/01/2014 *	139,780,000.00	CORPORATION BANK	LAXMI APTS., SHUBHAM KAROTI HSG COMPLEX,, ANAND N  AGAR, DAHISAR (EAST),, MUMBAI, Maharashtra - 40006  8, INDIA	B96008123

* Date of charge modification

FIXED ASSETS

· Land

· Plant and Machinery

· Factory Building

· Office Equipments

· Office Premises

· Furniture and Fixture

· Vehicles

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.62.96
UK Pound	1	Rs.94.97
Euro	1	Rs.74.42

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		30

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.