MIRA INFORM REPORT

Report No. :	339762
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	SARDA PLYWOOD INDUSTRIES LIMITED
Registered Office :	9, Parsee Church Street, Kolkata - 700001, West Bengal
Tel. No.:	91-33-22462274
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.06.1957
Com. Reg. No.:	21-023493
Capital Investment / Paid-up Capital :	Rs. 45.207 Million
CIN No.: [Company Identification No.]	L20211WB1957PLC023493
IEC No.:	0288005261
TAN No.: [Tax Deduction & Collection Account No.]	CALS02013E
PAN No.: [Permanent Account No.]	AADCS7642C
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged into manufacturing and distribution of plywood and also engaged in Tea processing.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 550000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject was incorporated on 26^th June, 1957. It has moderate track record. The company has incurred loss from its operations during FY 2015. There seems unfavorable gap between trade receivables and trade payables. The ratings also take into consideration, an acceptable share price of Rs. 42.30 recorded by the company as against a face value of Rs. 10.00 as on September 5, 2015. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings with some cautions.

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	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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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

Name :	Mr. Ritesh Agrawal
Designation :	Import Department
Contact No.:	91-33-22652274
Date :	04.09.2015

LOCATIONS

Registered Office :	9, Parsee Church Street, Kolkata - 700 001, West Bengal, India
Tel. No.:	91-33-22462274
Fax No.:	91-33-22493675.
E-Mail :	corp@sardaplywood.com
Website :	www.sardaplywood.in
Corporate Office :	North Block, 4th Floor, 113 Park Street, Kolkata - 700 016, West Bengal, India
Tel. No.:	91-33-22652274
E-Mail :	corp@sardaplywood.com
Factory 1 :	Rajkot Gondal Highway, P.O. Sapar District, Rajkot - 360024, Gujarat, India
Tel. No.:	91-2827-252396/643799
E-Mail :	spirajkot@sardaplywood.com
Factory 2 :	P.O. Jeypore, District Dibrugarh - 786614, Assam, India
Tel. No.:	91-374-2566475/6
E-Mail :	sardajeypore@sardaplywood.com
Branches :	Located at: · Ahmedabad · Bangalore · Bhopal · Bhubaneswar · Chhattisgarh · Guwahati · Hyderabad · Jaipur · Lucknow · Ludhiana · Mumbai · New Delhi · Patna · Pune · Raipur · Ranchi

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Sujit Chakravorti

Designation :

Director

Address :

17/7, James Long Sarani (Formerly: 17/7, Nafar Ch-, Andra Das Road, Behala, S 24 PGS, Kolkata - 700034, West Bengal, India

Date of Birth/Age :

13.09.1943

Qualification :

M.Com, F.C.A, F.I.C.W.A, F.I.C.A.

Date of Appointment :

27.09.2002

DIN No.:

00066344

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	L63022WB1954PLC021638	DEEPAK INDUSTRIES LIMITED	Director	01/10/2014	22/11/2000	-	Active	NO
2	L27202GJ1962PLC040548	JHAGADIA COPPER LIMITED	Nominee director	22/11/2000	22/11/2000	26/09/2007	Active	NO
3	L74140WB1996PLC081521	SHALIMAR WIRES INDUSTRIES LIMITED	Nominee director	03/08/2001	03/08/2001	26/09/2007	Active	NO
4	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
5	L20211AS1982PLC001969	KITPLY INDUSTRIES LIMITED	Director	29/06/2004	29/06/2004	22/09/2012	Active	NO
6	L36900WB1979PLC032046	WEBFIL LIMITED	Director	01/09/2014	29/06/2006	-	Active	NO
7	U29262WB1986PTC040209	PARCON (INDIA) PRIVATE LIMITED	Director	18/08/2007	09/07/2007	-	Active	NO
8	U40101ML1976GOI001658	NORTH EASTERN ELECTRIC POWER CORPN LIMITED	Director	20/02/2008	20/02/2008	19/02/2011	Active	NO
9	U85195WB1976SGC030823	INFUSIONS (INDIA LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
10	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO
11	L17232WB1890PLC000627	FORT GLOSTER INDUSTRIES LIMITED	Nominee director	08/01/2013	08/01/2013	19/03/2013	Active	NO
12	U40102WB1961SGC025250	THE DURGAPUR PROJECTS LIMITED	Director	01/02/2013	01/02/2013	02/04/2015	Active	NO

Name :

Dr. Kali Kumar Chaudhuri

Designation :

Director

Address :

40, Jubilee Park, 1st Floor, Flat- 1B, LP-83/10, Kolkata - 700033, West Bengal, India

Date of Birth/Age :

18.09.1945

Qualification :

M.Sc.Phd

Date of Appointment :

24.01.2006

DIN No.:

00206157

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	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	26/09/2014	01/02/2002	-	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Director	13/10/2005	13/10/2005	13/10/2008	Active	NO
3	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
4	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Director	15/12/2010	15/12/2010	14/12/2013	Active	NO
5	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Director	17/11/2014	09/01/2013	-	Active	NO
6	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
7	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
8	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :

Mrs. Sheela Chitlangia

Designation :

Additional Director

Address :

12b, Judges Court Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

04.01.1942

Qualification :

Graduate

Experience :

40 Years

Date of Appointment :

06.02.2015

DIN No.:

00174354

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	U01407WB1989PTC046976	CHITPERI FARM PRIVATE LIMITED	Director	31/05/1989	31/05/1989	-	Active	NO
2	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Additional director	06/02/2015	06/02/2015	-	Active	NO

Name :

Mrs.Ratan Lal Gaggar

Designation :

Director

Address :

11, Sarat Bose Road (Lansdown Road), Kolkata - 700020, West Bengal, India

Date of Birth/Age :

01.12.1932

Qualification :

B.A.(LLB)

Date of Appointment :

28.06.1976

DIN No.:

00322904

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	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	28/06/1976	28/06/1976	-	Active	NO
2	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	09/03/1984	09/03/1984	04/09/2014	Active	NO
3	U99999MH1974PTC017460	TIL LIMITED	Director	14/05/1985	14/05/1985	-	Not Available for eFiling	NO
4	L74999WB1974PLC041725	TIL LIMITED	Director	28/07/2014	14/05/1985	-	Active	NO
5	L36912WB1936PLC008588	INTERNATIONAL COMBUSTION (INDIA) LIMITED	Director	11/01/1989	11/01/1989	-	Active	NO
6	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30/12/1989	30/12/1989	-	Active	NO
7	L74140AS1974PLC001498	FINANCIAL MANAGEMENT SERVICES LIMITED	Director	05/02/1993	05/02/1993	13/07/2009	Active	NO
8	L70101WB1989PLC047465	SUMEDHA FISCAL SERVICES LIMITED	Director	13/09/2014	30/03/1993	-	Active	NO
9	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	26/09/2014	30/06/1994	30/09/2014	Active	NO
10	U67120WB1995PTC071339	PREMIER STOCK BROKERS AND FINANCIAL SERVICES PRIVATE LIMITED	Director	03/05/1995	03/05/1995	-	Active	NO
11	U25201HR1996PLC033306	MACHINO POLYMERS LIMITED	Director	12/02/1999	12/02/1999	-	Active	NO
12	L25209HR2003PLC035034	MACHINO PLASTICS LIMITED	Director	24/01/2003	24/01/2003	-	Active	NO
13	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Director	27/01/2005	27/01/2005	01/02/2011	Active	NO
14	U45400WB2007PTC115959	ENERGY PROPERTIES PRIVATE LIMITED	Director	05/11/2008	22/01/2008	-	Active	NO
15	U14290WB2008PTC125627	BHASKAR SILICON PRIVATE LIMITED	Director	30/09/2009	18/08/2008	25/04/2011	Active	NO
16	U85110KA1997PLC021764	SUBHASH KABINI POWER CORPORATION LIMITED	Director	26/09/2012	08/09/2012	-	Active	NO
17	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Director	26/03/2015	26/03/2015	-	Active	NO
18	AAE-2969	GAGGAR AND CO LLP	Designated Partner	01/07/2015	01/07/2015	-	Active	NO

Name :

Mr.Probir Roy

Designation :

Director

Address :

10 Sourin Roy Road, Kolkata - 700034, West Bengal, India

Date of Birth/Age :

19.04.1944

Qualification :

M.Sc., MBA

Date of Appointment :

23.09.2011

DIN No.:

00033045

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	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	07/01/1997	07/01/1997	26/03/2014	Active	NO
2	U15419WB1986PLC040729	KEVENTER AGRO LIMITED.	Director	20/03/2015	16/05/2005	-	Active	NO
3	L74140WB1996PLC081521	SHALIMAR WIRES INDUSTRIES LIMITED	Director	29/09/2014	21/07/2005	-	Active	NO
4	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	19/09/2014	25/07/2005	-	Active	NO
5	U25112WB1984GOI037225	TYRE CORPORATION OF INDIA LIMITED	Director	05/12/2005	05/12/2005	04/12/2008	Active	NO
6	U28999AP1966GOI001202	BHARAT HEAVY PLATE AND VESSELS LIMITED	Director	03/04/2007	03/04/2007	18/03/2010	Amalgamated	NO
7	U70101WB2007PTC118817	TWISTER ENCLAVE PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
8	U91110WB1940NPL010249	BENGAL NATIONAL CHAMBER OF COMMERCE AND INDUSTRY	Director	27/09/2010	27/09/2010	26/09/2011	Active	NO
9	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	23/09/2011	09/05/2011	-	Active	NO
10	U15209WB1991PLC051980	METRO DAIRY LIMITED	Additional director	26/03/2015	26/03/2015	-	Active	NO

Name :

Mrs.Sohan Lal Yadav

Designation :

Whole-Time Director

Address :

Near Biscuit Factory, Kakrahwa Deokali, Faizabad - 224001, Uttar Pradesh, India

Date of Birth/Age :

04.12.1947

Qualification :

I. A

Experience :

50 Years

Date of Appointment :

01.04.2015

DIN No.:

00207333

Name :

Mr. Sudeep Chitlangia

Designation :

Managing Director

Address :

12b Judges Court Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

14.05.1966

Qualification :

B. Com

Date of Appointment :

01.04.2014

DIN No.:

00093908

Other Directirship :

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	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Managing director	01/04/2014	27/05/1988	-	Active	NO
2	U01407WB1989PTC046976	CHITPERI FARM PRIVATE LIMITED	Director	31/05/1989	31/05/1989	-	Active	NO
3	U72200WB1995PTC068623	AISHANI INFOTECH PRIVATE LIMITED	Director	23/02/1995	23/02/1995	-	Active	NO
4	U91110WB1946NPL013477	MCC CHAMBER OF COMMERCE AND INDUSTRY	Director	18/06/2006	18/06/2006	03/07/2012	Active	NO
5	U40107WB2007PLC118226	SARDA ECO POWER LIMITED	Director	30/08/2007	30/08/2007	14/03/2011	Active	NO
6	U27104UP2002PLC027062	GIRISH ROLLED PRODUCTS AND ALLOYS LIMITED	Director	27/09/2009	14/06/2008	-	Active	NO
7	U32109UP1984PLC006600	QUICK ELCTRONICS AND ENGINEERING COMPANY LIMITED	Director	29/09/2014	14/06/2008	-	Active	NO
8	U92412WB2013NPL197586	MADHUWAN TOGETHER FOREVER CLUB	Director	25/09/2013	25/09/2013	18/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi Kumar Murarka
Designation :	Secretary
Address :	45, Dobson Road, 4th Floor, Near Howrah AC Market, Gangotri Apartment, Howrah - 711101, West Bengal, India
PAN No.:	AFEPM0123K
Name :	Mr. Ritesh Agrawal
Designation :	Import Department

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1549209	34.29
Bodies Corporate	584242	12.93
Sub Total	2133451	47.22
(2) Foreign	0	0
Total shareholding of Promoter and Promoter Group (A)	2133451	47.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8600	0.19
Financial Institutions / Banks	2300	0.05
Sub Total	10900	0.24
(2) Non-Institutions
Bodies Corporate	590700	13.07
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1171847	25.94
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	523019	11.58
Any Others (Specify)
Non Resident Indians	85253	1.89
Clearing Member	2715	0.06
Sub Total	2373534	52.54
Total Public shareholding (B)	2384434	52.78
Total (A)+(B)	4517885	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
Total (A)+(B)+(C)	4517885	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into manufacturing and distribution of plywood and also engaged in Tea processing.
Products :	Plywood (Timber) Tea
Brand Names :	DURO Brands
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Plywood(Timber)
Countries :	European Countries Singapore
Terms :
Selling :	Cash, Advance payment and Cheque
Purchasing :	Cash, Advance payment and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
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 :

Retailers, End Users and OEMs

Company Name :	Not Divulged
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 :

1000 (Approximately)

Bankers :

• State Bank of India

Banker Name :	United Bank of India
Branch :	15C, Hemanta Basu Sarani, Kolkata-70001, West Bengal, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Term loans from entities other than banks	33.000	47.650
SHORT TERM BORROWINGS
Other loans and advances From banks
-Buyers Credit	28.649	63.319
-Working Capital Loan	234.934	232.426
Total	296.583	343.395
Notes: LONG TERM BORROWINGS: Nature of securities: Term loan from entities other than banks is secured by first charge on the Company’s immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by hypothecation of all plant and machinery and other fixed assets of the Company, both present and future, and is additionally secured by personal guarantee of the Managing Director SHORT TERM BORROWINGS: Nature of securities: Working capital loan and Buyers Credit are secured by hypothecation of present and future stocks and book debts and second charge on the Company’s immovable properties situated at Jeypore (Assam) by deposit of title deeds and also by second charge on all plant and machinery and other fixed assets of the Company, both present and future, and are additionally secured by personal guarantees of the Managing Director.

Statutory Auditors :	G. P. Agrawal and Company Chartered Accountants
Collaborators :	Not Available
Membership :	Not Available
Associates :	P.S. Plywood Products Private Limited, India [U20291GJ1986PTC009129] Pro-Sports Management Limited, India [U74999WB1991PLC053359]
Enterprises over which KMP and his relatives have significant influence:	Abhinandan Fintex Private Limited Calcutta Technicians and Advisers Limited Madhya Bharat Papers Limited J S M and Company

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
4,697,810	Equity Shares	Rs. 10/- each	Rs. 46.978 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,517,885	Equity Shares	Rs. 10/- each	Rs. 45.179 Million
5,625	Forfeited Equity Shares (Amount Originally Paid Up)	Rs. 10/- each	Rs. 0.028 Million
	Total		Rs.45.207 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares 31.03.2015	Number of Shares 31.03.2014
Shares outstanding at the beginning of the year	4,517,885	4,517,885
Shares issued during the year	-	-
Shares outstanding at the end of the year	4,517,885	4,517,885

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shareholders holding more than 5 % of the equity shares in the Company:

Name of Shareholder	Number of Shares	% holding
Cuckoo Fiscal Services Ltd.	440000	9.74
Abhinandan Fintex (P) Ltd.	435000	9.63
Sheela Chitlangia	358350	7.93
Sudeep Chitlangia	344300	7.62
Jaydeep Chitlangia	271650	6.01
Hemant Kumar Motihar	226306	5.01
Total	2075606	45.94

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.207	45.207	45.207
(b) Reserves & Surplus	148.451	156.334	220.278
(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)	193.658	201.541	265.485
(3) Non-Current Liabilities
s(a) long-term borrowings	34.668	48.492	72.813
(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	8.549	5.356	4.158
Total Non-current Liabilities (3)	43.217	53.848	76.971
(4) Current Liabilities
(a) Short term borrowings	401.583	436.245	332.148
(b) Trade payables	488.331	461.829	521.633
(c) Other current liabilities	59.337	67.435	53.756
(d) Short-term provisions	0.279	0.605	1.197
Total Current Liabilities (4)	949.530	966.114	908.734
TOTAL	1186.405	1221.503	1251.190
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	133.353	144.778	149.810
(ii) Intangible Assets	3.392	3.650	4.566
(iii) Capital work-in-progress	3.753	0.996	2.642
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	80.599	80.661	80.730
(c) Deferred tax assets (net)	81.283	68.175	29.161
(d) Long-term Loan and Advances	18.091	18.513	7.883
(e) Other Non-current assets	0.010	0.060	0.010
Total Non-Current Assets	320.481	316.833	274.802
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	491.886	550.276	584.883
(c) Trade receivables	297.982	272.391	300.549
(d) Cash and cash equivalents	9.243	20.871	21.283
(e) Short-term loans and advances	64.547	58.824	67.036
(f) Other current assets	2.266	2.308	2.637
Total Current Assets	865.924	904.670	976.388
TOTAL	1186.405	1221.503	1251.190

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	2035.201	1833.411	1875.835
	Other Income	1.383	0.559	3.292
	TOTAL SALES	2036.584	1833.970	1879.127
Less	EXPENSES
	Cost of Materials Consumed	1196.283	1124.932	1139.688
	Purchases of Stock-in-Trade	66.950	57.722	119.845
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.083)	(1.301)	(42.121)
	Employees benefits expense	204.404	156.990	146.082
	Other Expenses	503.754	516.430	474.818
	TOTAL EXPENSES	1969.308	1854.773	1838.312
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	67.276	(20.803)	40.815
Less	FINANCIAL EXPENSES	66.789	66.688	52.230
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.487	(87.491)	(11.415)
Less/ Add	DEPRECIATION/ AMORTISATION	17.047	16.152	15.714
	PROFIT/ (LOSS) BEFORE TAX	(16.560)	(103.643)	(27.129)
Less	TAX	(11.626)	(38.911)	(8.441)
	PROFIT/ (LOSS) FOR THE YEAR	(4.934)	(64.732)	(18.688)
	IMPORTS
	Raw Materials	490.738	595.278	631.360
	Trading Goods	18.264	1.489	34.542
	Machinery and Spares	0.000	0.173	1.372
	TOTAL IMPORTS	509.002	596.940	667.274
	Earnings / (Loss) Per Share (Rs.)	(1.09)	(14.33)	(4.14)

Expected Sales (2015-2016): Rs. 2250.000 Million

The above information has been parted by Mr. Ritesh Agrawal (Import Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	16.158	23.284	18.163
Cash generated from operations	123.026	(10.332)	(64.652)
Net Cash Flow from/(used in) Operating Activities	123.011	(10.376)	(64.715)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.24)	(3.53)	(1.00)
Operating Profit Margin (PBIDT/Sales)	(%)	3.31	(1.13)	2.18
Return on Total Assets (PBT/Total Assets}	(%)	(1.62)	(9.67)	(2.38)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.51)	(0.10)
Debt Equity Ratio (Total Debt /Networth)		2.34	2.52	1.59
Current Ratio (Current Asset/Current Liability)		0.91	0.94	1.07

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 42.30/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	45.207	45.207	45.207
Reserves & Surplus	220.278	156.334	148.451
Net worth	265.485	201.541	193.658
long-term borrowings	72.813	48.492	34.668
Short term borrowings	332.148	436.245	401.583
Current Maturities of Long term debt	18.163	23.284	16.158
Total borrowings	423.124	508.021	452.409
Debt/Equity ratio	1.594	2.521	2.336

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1875.835	1833.411	2035.201
		(2.262)	11.006

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1875.835	1833.411	2035.201
Profit	(18.688)	(64.732)	(4.934)
	(1.00%)	(3.53%)	(0.24%)

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	Yes
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

OVERVIEW

Subject is a pioneer in the Indian Plywood Industry and one of the first few manufacturers to venture into producing a wide range of plywood products. Its plywood products are sold under DURO range of brands across the nation and have a strong predominance in the market because of best quality and constant upgradation through research and development. The Company also owns a bought leaf tea processing factory in Assam.

SEGMENT WISE PERFORMANCE

PLYWOOD:

The global recession and/or slowdown has adversely affected the Indian manufacturing sector. Signs of recovery are not clearly visible and it is expected that growth in the housing and infrastructure sector will not gain momentum in the days ahead. Consequently, the demand for plywood and allied products is not expected to grow quickly. Other than above factors, there is no significant threat to the industry and/or Company from any product and/or sector. During the year 2014-15, segment revenue increased from Rs. 1622.000 Million to Rs1780.500 Million i.e. a growth of 10%. The Company has earned segment profit before tax and interest of Rs 55.300 Million as against segment loss before tax and interest of Rs.19.000 Million in the preceding financial year. Since the major portion of the raw materials is imported by the Company, volatile foreign exchange rate and availability of Raw Materials is a matter of concern and all possible efforts are taken to minimize these risks.

Tea

Tea Industry is doing much better as compared to previous year with revival of demand for CTC tea and increased sales realization leading to higher operating margins. Segment revenue during the year was Rs. 248.100 Million as against Rs. 206.700 Million in the preceding financial year representing a growth of 20%. Segment profit before tax and interest increased from Rs. (01.200) Million loss to Rs. 7.800 Million profit. Outlook for the tea industry is expected to remain positive in the days ahead. Tea industry is directly dependent on weather conditions. Although demand for Tea has increased, there is no improvement in raw material availability. Lower availability and high cost of raw materials is a matter of concern.

FINANCIAL PERFORMANCE

During the year, the gross turnover of the Company has increased from Rs. 2005.700 Million to Rs. 2225.800 Million registering a growth of 11%. The Company has incurred a net loss of Rs. 04.900 Million as against a net loss of Rs. 64.700 Million in the preceding financial year. In view of loss incurred by the Company, the Board of Directors did not recommend any dividend.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loans
-From banks	0.832	0.153
-From entities other than banks	0.836	0.689
Short Term Borrowings
Other loans and advances From entities other than banks	138.000	140.500
Total	139.668	141.342

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended
	30.06.2015
	(Reviewed)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	408.990
b) Other operating income	0.048
Total income from Operations(net)	409.038
2.Expenditure
a) Cost of material consumed	248.614
b) Purchases of stock in trade	14.659
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(35.018)
d) Employees benefit expenses	55.904
e) Depreciation and amortization expenses	4.101
f) Exchange Fluctuation Rate	5.642
g) Other expenditure	117.256
Total expenses	411.158
3. Profit from operations before other income and financial costs	(2.120)
4. Other income	0.076
5. Profit from ordinary activities before finance costs	(2.044)
6. Finance costs	15.366
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(17.410)
8. Exchange Currency Fluctuation Loss/ (Gain)	0
9. Profit from ordinary activities before tax Expense:	(17.410)
10.Tax expenses	(6.866)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(10.544)
12.Extraordinary Items (net of tax expense)	0
13.Net Profit / (Loss) for the period (11 -12)	(10.544)
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	45.207
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	0
(a) Basic and diluted	2.33
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	238434
- Percentage of shareholding	52.78%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	2133451
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	47.22%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unreserved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED 30TH JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended
	30.06.2015
	(Reviewed)
1. Segment Revenue
a) Plywood	370.278
b) Tea	38.549
c) Others	2.11
Total segment revenue	409.038
Less: Inter – segment revenue	-
Total income from operations (net sales)	409.038
2. Segment Results
Profit/ (loss) before tax and interest
a) Plywood	2.850
b) Tea	(1.710)
c) Others	(1.025)
Total segment results	0.115
(Add)/Less: Finance Costs	15.366
Other un-allocable expenditure net off un-allocable other operating income	2.159
Total Profit Before Tax	(17.410)
3. Capital Employed
(Segment Assets – Segment Liabilities)
a) Plywood and Allied Products	358.619
b) Tea	98.525
c) Others	11.393
Total Capital Employed	468.537
Add : Unallocable Assets Less Liabilities	(285.487)
Total Capital Employed In the Company	183.050

Notes:

1. Tea industry being seasonal in nature, results for the quarter (which includes profit of the Tea Division) cannot be taken as indicative of results of the full year.

2. There are no exceptional / extra ordinary items.

3. The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on August 13, 2015.

4. The Statutory Auditors of the Company have earned out a 'Limited Review' of the results for the quarter / period ended June 30, 2015.

5. Figures for the previous periods have been re-classified / re-grouped, wherever required.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10398742	17/01/2013 *	50,000,000.00	NORTH EASTERN DEVELOPMENT FINANCE CORPORATION LIMITED	NEDFI HOUSE, G. S. ROAD, GUWAHATI, ASSAM – 781006, INDIA	B66760778
2	10366033	25/06/2012	267,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 24, PARK STREET, KOLKATA, WEST  BENGAL - 700016, INDIA	B43908508
3	10358179	30/03/2015 *	357,000,000.00	UNITED BANK OF INDIA	OVERSEAS BRANCH, 15C, HEMANT BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C51337228
4	10162856	02/06/2009	63,000,000.00	NORTH EASTERN DEVELOPMENT FINANCE CORPORATION LIMITED	BASUNDHARA ENCLAVE, B.K.KAKOTI ROAD, ULUBARI, GUW  AHATI, ASSAM - 781006, INDIA	A63779045
5	90250362	20/03/2015 *	119,000,000.00	UNITED BANK OF INDIA	CALCUTTA BRANCH, 4 N C DUTTA SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C50191527
6	80010301	26/08/2014 *	613,000,000.00	UNITED BANK OF INDIA	15C, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C21835103
7	80010298	04/07/2012 *	545,100,000.00	UNITED BANK OF INDIA	OVERSEAS BRANCH, 15C, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B43394816
8	90249136	24/01/2013 *	109,000,000.00	UNITED BANK OF INDIA	CALCUTTA BRANCH, 4 N C DUTTA SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B67326397

*Date of modification Charges

FIXED ASSETS:

TANGIBLE ASSETS

· Building

· Plant and Equipments

· Office Equipments and Computer

· Vehicles

· Furniture and Fixture

· Freehold Land

INTANGIBLE ASSETS

· Computer Software’s

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.  66.39
UK Pound	1	Rs. 102.59
Euro	1	Rs. 74.90

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER		s
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.