MIRA INFORM REPORT

Report No. :	325939
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED

Registered Office :	SY No. 193/2 and 194, Mysore – Hunsur Road Yelwal (PO), Mysore – 571130, Karnataka
Tel. No.:	91-821-2403284/3285/3286/2023

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.10.1987

Com. Reg. No.:	08-008701

Capital Investment / Paid-up Capital :	Rs. 9.975 Million

CIN No.: [Company Identification No.]	U02001KA1987PTC008701

IEC No :	0788002856

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCP0488K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Veneers, Panel Doors, Door and Window Frames, Window Shutters and Frames, etc.

No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 200000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company Satisfactory track record. For the financial year ended 2014, the company has reported decent operational performance and it has maintained profitability margin at 2.84%. Rating also takes into consideration company’s established track record of business operations backed by sound financial base and decent experience of promoters in timber business, However, rating strength party offset by high working capital intensive nature of business and persisting high competitive and fragmented nature of industry. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business 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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	ICRA
Rating	Long term fund based limits: “B+”
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	July 2014

Rating Agency Name	ICRA
Rating	Short term non fund based limits: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ramamurthy
Designation :	Accounts Manager
Contact No.:	91-821-3291162
Date :	05.06.2015

LOCATIONS

Registered Office/Factory :	SY No. 193/2 and 194, Mysore – Hunsur Road, Yelwal (PO), Mysore – 571130, Karnataka, India
Tel. No.:	91-821-3291162
Mobile No.:	91-9886065111 (Mr. Hussain)
Fax No.:	91-821-2402622
E-Mail :	ptapl@yahoo.co.in
Website :	http://www.pyramidtimber.com
Location :	Owned

Overseas Office :	Woodlink, RCS Honfleur 481234391 – Siret, Grandouet 14340 Cambremer, France
Tel./ Fax No.:	33-231-624250
E-Mail :	info@phramidtimber.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Abbas Salehbhai Vagh

Designation :

Director

Address :

8/A Mahajana, High School Road, Jayalakshmi Puram, Mysore - 570012, Karnataka, India

Date of Appointment :

27.12.1990

DIN No.:

00001605

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	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	17/07/1970	17/07/1970	-	Active	NO
2	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	02/07/1977	02/07/1977	-	Active	NO
3	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Director	26/03/1988	26/03/1988	-	Active	NO
4	U32109KA1986PTC007424	GLOWTRONICS PRIVATE LIMITED	Director	10/08/1988	10/08/1988	-	Active	NO
5	U36100KA1990PTC011424	M A S FURNITURE PRIVATE LIMITED	Director	28/11/1990	28/11/1990	-	Active	NO
6	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	27/12/1990	27/12/1990	-	Active	NO
7	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	27/12/1990	27/12/1990	-	Active	NO
8	U65993TZ1986PTC001784	SALEH SONS INVESTMENTS PRIVATE LIMITED	Director	27/12/1990	27/12/1990	-	Active	NO

Name :

Mr. Mohammedbhai Taherbhai Vagh

Designation :

Whole-time director

Address :

No. 291, I Cross, 4^th Main, Jayalakshmi Puram, Mysore - 570012, Karnataka, India

Date of Appointment :

05.11.1987

DIN No.:

00001606

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	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	04/07/1977	04/07/1977	-	Active	NO
2	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Whole-time director	05/11/1987	05/11/1987	-	Active	NO
3	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	26/12/1987	26/12/1987	-	Active	NO
4	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
5	U65993TZ1986PTC001783	T M A VAGH INVESTMENTS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
6	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Director	26/03/1988	26/03/1988	-	Active	NO
7	U32109KA1986PTC007424	GLOWTRONICS PRIVATE LIMITED	Director	18/02/1989	18/02/1989	-	Active	NO
8	U36100KA1990PTC011424	M A S FURNITURE PRIVATE LIMITED	Director	07/12/1990	07/12/1990	-	Active	NO

Name :

Mr. Abdul Hussain Saifuddinbhai Vagh

Designation :

Director

Address :

84, 6^th Main, Jayalakshmi Puram, Mysore - 570012, Karnataka, India

Date of Appointment :

27.12.1987

DIN No.:

00001948

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	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	26/12/1987	26/12/1987	-	Active	NO
2	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
3	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
4	U65993TZ1986PTC001782	SAIF INVESTMENTS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
5	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	28/12/1987	28/12/1987	-	Active	NO
6	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Director	26/03/1988	26/03/1988	-	Active	NO
7	U36100KA1990PTC011424	M A S FURNITURE PRIVATE LIMITED	Director	28/11/1990	28/11/1990	-	Active	NO

Name :

Mr. Moiz Saifuddin Vagh

Designation :

Director

Address :

Hunsur Plywood Works Private Limited, P.B. No. 2, Hunsur, Mysore - 571105,

Karnataka, India

Date of Appointment :

27.12.1987

DIN No.:

00003579

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	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	17/07/1970	17/07/1970	-	Active	NO
2	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	04/07/1977	04/07/1977	-	Active	NO
3	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
4	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
5	U65993TZ1986PTC001782	SAIF INVESTMENTS PRIVATE LIMITED	Director	27/12/1987	27/12/1987	-	Active	NO
6	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Director	26/03/1988	26/03/1988	-	Active	NO
7	U32109KA1986PTC007424	GLOWTRONICS PRIVATE LIMITED	Director	18/02/1989	18/02/1989	-	Active	NO

Name :

Mr. Tyeb Salehbhai Vagh

Designation :

Director

Address :

90-91 1^st Floor, Sri N R Road, Bangalore - 560002, Karnataka, India

Date of Appointment :

18.03.1990

DIN No.:

00022663

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	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Managing director	21/06/1986	21/06/1986	-	Active	NO
2	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	07/06/1988	07/06/1988	-	Active	NO
3	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO
4	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO
5	U65993TZ1986PTC001784	SALEH SONS INVESTMENTS PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO

Name :

Mr. Yusuf Hussain Vagh

Designation :

Director

Address :

3-43/134, Mohammedi Enclave, Wellington Road, Aoc Center, Marredpally (West), Secundrabad - 500026, Andhra Pradesh, India

Date of Birth/Age :

18.09.1974

Date of Appointment :

28.09.2011

DIN No.:

05127624

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	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO
2	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
3	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
4	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
5	U65993TZ1986PTC001782	SAIF INVESTMENTS PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO

Name :

Mr. Abbas Tahar Bahi Vagh

Designation :

Director

Date of Appointment :

18.03.1990

DIN No.:

00001941

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	U85110KA1970PTC001917	THE DECORATIVE LAMINATES INDIA PRIVATE LIMITED	Director	17/03/1972	17/03/1972	-	Active	NO
2	U51101KA1946PTC000433	A AHMEDALLY AND COMPANY PRIVATE LIMITED	Director	21/06/1986	21/06/1986	-	Active	NO
3	U29214KA1977PTC003174	FERRO FOUNDRIES PRIVATE LIMITED	Director	28/12/1987	28/12/1987	-	Active	NO
4	U02001KA1987PTC008701	PYRAMID TIMBER ASSOCIATES PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO
5	U20232KA1961PTC001437	HUNSUR PLYWOOD WORKS PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO
6	U65993TZ1986PTC001783	T M A VAGH INVESTMENTS PRIVATE LIMITED	Director	18/03/1990	18/03/1990	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramamurthy
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Abbas T Vagh	15829
Tyab S Vagh	15846
Hussaini Vagh	15829
Abbas Vagh	15829
Moiz S Vagh	15829
Abdulhussain S Vagh	15829
Mohammedi T Vagh	15829
Shabbir T Vagh	30608
Mufadal T Vagh	30606
Zaitoon T Vagh	18998
Haider T Vagh	30608
Nema M Vagh	31663
Amiruddin A Vagh	27714
Gulshan A Vagh	15829
Younus Vagh	27714
Shabbir A.H Vagh	63367
Ameen A Vagh	31641
Nishreen A Vagh	15829
Hussain Vagh	39580
Ali Asgar Vagh	39593
Mustali Vagh	31663
Faika Vagh	31663
Aziz M Vagh	47510
Fatama A Vagh	19796
Jainab A vagh	19785
Yusuf H vagh	63368
Umaima H vagh	23735
Sherabanu H Vagh	23735
Aamir A Vagh	31653
Ali A Vagh	55387
Salim A vagh	23798
Abbas E Ali	110848
Total	997511

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 of Veneers, Panel Doors, Door and Window Frames, Window Shutters and Frames, etc.

Products :	Not Available

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	African Countries

Terms :
Selling :	Cash and credit

Purchasing :	Cash and credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

A2Z Industrial Solutions
Aasha Enterprises
Adhesive Specialities
DHANUKA ENTERPRISES
Electro Tech
Eximcorp India Private Limited
Esson Furnishings Private Limited
Feroke Boards Limited
Hi-Build Coating Private Limited
JJ Indstries
J.P Essentials Exports India Private Limited

Customers :

Shri Laxshmi Playwood Works Private Limited
A Ahmedali Company and Private Limited
Sea Valley Resorts Private Limited
Timbers Works India
Aparana Construction
Aparna Infra Housing Private Limited
Ambica Trading Company
Ashok Associates
Ashoke Saw Mill
Green Park Hotel
TATA Coffee Limited

No. of Employees :

250 (Approximately)

Bankers :

Canara Bank- Mysore Main Branch, Pathange Towers, Mysore, Tamilnadu - 570001, India
ICICI bank Limited- Trichy Road, Coimbatore, Tamil Nadu, India

Bank Name	Union Bank of India
Branch	47D/47E, Mannar's Complex, Ashoka Road, Mysore - 570001, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans From banks	15.625	2.397
Deffered Payment Liabilities	14.258	12.910
Short-term borrowings
Loans Repayable on Demand From bank	31.321	22.628
Total	61.204	37.935

Auditors :
Name :	VKS Aiyer and Company Chartered Accountants
Address :	Mecheri Manor, No 2, S.R. Iyer Layout, Near Air, Trichy Road, Coimbatore – 641045, Tamil Nadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFV1533H

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

997511	Equity Shares	Rs.10/- each	Rs. 9.975 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	9.975	9.975	9.975
(b) Reserves & Surplus	61.041	55.101	50.908
(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)	71.016	65.076	60.883

(3) Non-Current Liabilities
(a) long-term borrowings	39.663	26.801	25.220
(b) Deferred tax liabilities (Net)	0.904	1.416	1.475
(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)	40.567	28.217	26.695

(4) Current Liabilities
(a) Short term borrowings	31.321	22.629	22.317
(b) Trade payables	65.025	36.252	22.571
(c) Other current liabilities	59.032	106.137	96.162
(d) Short-term provisions	3.846	2.414	1.159
Total Current Liabilities (4)	159.224	167.432	142.209

TOTAL	270.807	260.725	229.787

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.867	50.673	47.061
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.590	0.306	2.117
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.531	3.531	0.011
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.417	0.903	1.016
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	70.405	55.413	50.205

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.835	96.686	78.480
(c) Trade receivables	47.759	33.724	32.414
(d) Cash and cash equivalents	41.461	36.692	28.372
(e) Short-term loans and advances	39.136	37.999	38.810
(f) Other current assets	0.211	0.211	1.506
Total Current Assets	200.402	205.312	179.582

TOTAL	270.807	260.725	229.787

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operation	296.745	153.559	118.668
		Other Income	6.691	4.906	3.036
		TOTAL	303.436	158.465	121.704

Less	EXPENSES
		Cost of Materials Consumed	153.487	92.110	77.070
		Purchases of Stock-in-Trade	1.772	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	40.940	0.132	-12.507
		Employees benefits expense	23.182	16.302	11.947
		Other expenses	55.922	27.533	27.416
		TOTAL	275.303	136.077	103.926

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		28.133	22.388	17.778

Less	FINANCIAL EXPENSES		8.072	6.526	7.237

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		20.061	15.862	10.541

Less/ Add	DEPRECIATION/ AMORTISATION		7.703	6.985	6.930

	Profit Before Extraordinary Items:		NA	NA	3.611

Add:	Extraordinary Items		NA	NA	(3.785)

	PROFIT/(LOSS) BEFORE TAX		12.358	8.877	7.396
Less	TAX		4.085	2.946	1.187

	PROFIT/(LOSS) AFTER TAX		8.273	5.931	6.209

	Earnings / (Loss) Per Share (Rs.)		8.29	5.95	6.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

3.229

1.587

0.500

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.79	3.86	5.23

Operating Profit Margin (PBIDT/Sales)	(%)	9.48	14.58	18.17

Return on Total Assets (PBT/Total Assets}	(%)	4.63	3.46	3.25

Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.12

Debt Equity Ratio (Total Debt /Networth)		1.05	0.78	0.79

Current Ratio (Current Asset/Current Liability)		1.26	1.23	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.975	9.975	9.975
Reserves & Surplus	50.908	55.101	61.041
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	60.883	65.076	71.016

long-term borrowings	25.220	26.801	39.663
Short term borrowings	22.317	22.629	31.321
Current Maturities Of Long-Term Debts	0.500	1.587	3.229
Total borrowings	48.037	51.017	74.213
Debt/Equity ratio	0.789	0.784	1.045

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	118.668	153.559	296.745
		29.402	93.245

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	118.668	153.559	296.745
Profit	6.209	5.931	8.273
	5.23%	3.86%	2.79%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE OF THE COMPANY:

During the year the Company could achieve better performance in terms of production and sales of Joinery products, Decorative plywood and Veneer. The overall sales revenue (net of excise duty) increased from Rs.153.559 Million to Rs. 296.745 Million. The other income increased from Rs.4.906 Million to 6.691 Million. Due to adverse economic conditions in the European market, the Company could not make export sale of joinery products during the year. However, the sale of joinery products in domestic market increased manifold from Rs. 62.644 Million to Rs. 193.325 Million and contributed for the overall increase in the sales of the Company. The income from labor charges for veneer slicing and Door Fitting decreased marginally from Rs.2.920 Million to 2.306 Million.

The net profit for the year increased to Rs.12.358 Million (Last Year Rs.8.876 Million), due to higher turnover compared to previous year. The overall performance of the company should be considered as satisfactory and improving.

The Directors are optimistic that with better volume of production/sales envisaged in the second half of the year, the Company will be able to maintain growth in production/sales and also profitability and thereby achieve satisfactory performance again.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advance From Related Parties	9.565	11.360
Long Term Maturities of finance lease obligation	0.215	0.134
Total	9.780	11.494

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10569465	30/03/2015	2,000,000.00	UNION BANK OF INDIA	# 74D/47E, MANNAR'S COMPLEX, ASHOKA ROAD, MYSURU, Karnataka - 570001, INDIA	C53662136
2	90192909	17/02/2005 *	15,000,000.00	UNION BANK OF INDIA	MYSORE BRANCH, 47D/47E; MANNAR'S COMPLEX ASHOKA R OAD, MYSORE, Karnataka - 570001, INDIA	-
3	90192888	13/08/2014 *	149,200,000.00	UNION BANK OF INDIA	47D/47E, MANNARS COMPLEX, ASHOKA ROAD, MYSORE, Ka rnataka - 570001, INDIA	C20943692
4	90192881	13/10/2004	35,500,000.00	UNION BANK OF INDIA	MYSORE BRANCH, 47D/47E, MYSORE, Tamil Nadu - 5700 01, INDIA	-
5	90192821	30/03/2004	10,000,000.00	UNION BANK OF INDIA	MYSORE BRANCH, ASHOKA ROAD, MYSORE, Karnataka - 5 70001, INDIA	-
6	90192195	29/12/2000 *	31,000,000.00	CANARA BANK	MYSORE MAIN BRANCH, PATHANGE TOWERS, MYSORE, Tamilnadu - 570001, INDIA	-
7	90191854	28/01/2005 *	62,500,000.00	ICICI BANK LTD.	TRICHY ROAD, COIMBATORE, Tamil Nadu, INDIA	-

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	50.529	96.552

Total	50.529	96.552

FIXED ASSETS

Plant and Machinery
Computer and Printer
Office Equipment’s
Tools and Spares

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.63.93
UK Pound	1	Rs.998.26
Euro	1	Rs.772.36

INFORMATION DETAILS

Information Gathered by :	REK

Analysis Done by :	KAR

Report Prepared by :	PJA

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		41

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit