MIRA INFORM REPORT

Report Date :

05.02.2007

IDENTIFICATION DETAILS

Name :	JAGUAR OVERSEAS LIMITED
Registered Office :	Suite No 109, Tower 1, 70, Najafgarh Road, B-39, New Delhi – 110015, India
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	24.12.1991
Com. Reg. No.:	55-46869
CIN No.: [Company Identification No.]	U51909DL1991PLC046869
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04481B
PAN No.: [Permanent Account No.]	AAACJ0273F
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in the business of fabrics, textiles such as decorative hand and machine-made readymade garments, carpets, durries, mats, rugs namdas, blankets, shawls, tweeds, linens, flannels, beds, spreads, quilts, scrafs, belts, tapestry and all sorts of apparels, dressing materials, mixed blended products, nylon, polyester, fibre, yarn, hosiery and mixed fabrics, natural silk fabrics, and garments.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Suite No 109, Tower 1, 70, Najafgarh Road, B-39, New Delhi – 110015, India
Tel. No.:	91-11-42531155 / 30512000
Fax No.:	91-11-42531191 / 30512020
E-Mail:	contact@jaguaroverseas.com
Web-Site :	http://www.jaguaroverseas.com http://www.jindal.com
Corporate Office :	1107, Vikram Tower, 16, rajendra Place, New Delhi – 110008, India

DIRECTORS

Name :

Mr Naresh Kumar

Designation :

Director

Address :

40/42, Punjabi Bagh (West), New Delhi – 110026, India

Date of Birth/Age :

01.01.1953

Date of Appointment :

17.07.1992

Name :

Mr Manav Kumar

Designation :

40/42, Punjabi Bagh (West), New Delhi – 110026, India

Address :

Director

Date of Birth/Age :

12.06.1978

Date of Appointment :

30.09.2003

Name :

Mr Madhav Prasad Jalan

Designation :

Director

Address :

19-A, 5^th Floor, Indira Apartments, Oshiwara, New Link Road, Mumbai – 501502, India

Date of Birth/Age :

01.01.1941

Date of Appointment :

01.09.1994

Name :

Mr Jotindra Sureka

Designation :

Director

Address :

4005, Raghu Ganj, Chawri Bazar, delhi – 110006, India

Date of Birth/Age :

18.09.1968

Date of Appointment :

01.09.1994

Name :

Mr Suresh Baid

Designation :

Director

Address :

91, Sainik Vihar, Pitampuram, New Delhi – 110088

Date of Birth/Age :

11.09.1954

Date of Appointment :

01.09.1994

Name :

Mr Praveen Upadhyay

Designation :

Director

Address :

Nisharpur, 10 Izzatpur, Aligarh – 202280, Uttar Pradesh, India

Date of Birth/Age :

10.12.1973

Date of Appointment :

30.11.2006

Name :

Mr Gur Dayal Sharma

Designation :

Director

Address :

RZ-29, Panchsheel Colony, Mahavir Enclave – III, New Delhi – 110085, India

Date of Birth/Age :

02.09.1959

Date of Appointment :

26.12.2006

Directorship in other Companies:

CIN of company	U51311DL2002PLC114758
Name of the company	Jaguar International Limited
Designation	Director
CIN of company	U11102DL1997PLC086417
Name of the company	NewInd Oil and Gas Limited
Designation	Director
CIN of company	L74899DL1990PLC042552
Name of the company	Neptune Information Solutions Limited
Designation	Director

KEY EXECUTIVES

Name :	Mr Pramod Prasad Kothari
Designation :	Secretary
Address :	77/13, Vasundhara Ghaziabad, Ghaziabad – 201301, Uttar Pradesh, India
Date of Birth/Age :	16.09.1971
Date of Appointment :	29.04.2004
Name :	Mr Rajendra Chopra
Designation :	Secretary
Address :	28/8, Shakti Nagar, Delhi – 110007
Date of Birth/Age :	18.08.1972
Date of Appointment :	06.03.1998
Date of Ceasing:	08.10.2003

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Mr Naresh Kumar	11010	2.75
Mrs Manju Agarwal	22870	5.71
Mrs Kamla Devi Agarwal	10	0.00
Mrs Sarita Agarwal	10	0.00
Mr Suresh Baid	100	0.02
Mr Jotindra Surekha	9000	2.24
Mr Madhav Prasad Jalan	100	0.02
Bhagyalaxmi Finlease and Investment Private Limited	2400	0.60
Dytop Commodeal Limited	125000	31.23
Mr N K Agarwal HUF	43700	10.92
Mrs Manorama Devi Surekha	60900	15.21
Mr K K Surekha	10000	2.50
Mr Krishan K Surekha	100	0.02
Chrishpart Vinicom Limited	115000	28.73
Total	400200	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of fabrics, textiles such as decorative hand and machine-made readymade garments, carpets, durries, mats, rugs namdas, blankets, shawls, tweeds, linens, flannels, beds, spreads, quilts, scrafs, belts, tapestry and all sorts of apparels, dressing materials, mixed blended products, nylon, polyester, fibre, yarn, hosiery and mixed fabrics, natural silk fabrics, and garments.

Products :

Light Engineering Home Furnishing Building Material Minerals Ferro alloy

GENERAL INFORMATION

Bankers :

State Bank of Patiala, Overseas Branch ‘Chandralok’, 2^nd Floor, 36, Janpath, New Delhi – 110001

Banking Relations :	Satisfactory
Auditors :	Mr Prakash C Surana Chartered accountants
Address:	A-401, Defence Colony, New Delhi – 110024
Subsidiaries :	Discovery Enterprises Private Limited
Associates :	Manufacturing Companies Maharashtra Seamless Limited Jindal Pipes Limited Oil and Gas Companies Jindal Drilling and Industries Limited Newsco Newtech Private Limited Discovery Hydrocarbons Private Limited Discovery Enterprises Private Limited International Business Companies Jaguar Overseas Limited Jaguar International Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20,00,000	Equity Shares	Rs 10/- each	Rs 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,00,200	Equity Shares	Rs 10/- each	Rs 4.002 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital	4.002	4.002	4.002
2] Share Application Money	0.000	0.000	0.000
3] Reserves & Surplus	174.122	156.232	143.873
4] (Accumulated Losses)	0.000	0.000	0.000
NETWORTH	178.124	160.234	147.875
LOAN FUNDS
1] Secured Loans	92.756	42.233	46.590
2] Unsecured Loans	0.022	4.252	59.063
TOTAL BORROWING	92.778	46.485	105.653
DEFERRED TAX LIABILITIES	0.838	0.844	0.000
TOTAL	271.740	207.563	253.528
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	19.016	4.291	3.645
Capital work-in-progress	0.241	8.867	1.260
INVESTMENT	9.930	23.145	62.125
DEFERREX TAX ASSETS	0.000	0.000	10.001
CURRENT ASSETS, LOANS & ADVANCES
Inventories	3.462	41.425	0.118
Sundry Debtors	156.738	150.350	17.042
Cash & Bank Balances	16.889	14.672	25.587
Loans & Advances	188.107	156.024	176.618
Total Current Assets	365.196	362.471	219.365
Less : CURRENT LIABILITIES & PROVISIONS
Current Liabilities	79.157	162.125	42.642
Provisions	43.487	29.086	0.226
Total Current Liabilities	122.644	191.211	42.868
Net Current Assets	242.553	171.260	176.497
MISCELLANEOUS EXPENSES	0.000	0.000	0.000
TOTAL	271.540	207.563	253.528

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	626.850	602.634	348.581
Profit/(Loss) Before Tax	61.370	52.237	(26.586)
Provision for Taxation	20.636	6.615	(10.237)
Profit/(Loss) After Tax	40.734	45.622	(16.349)
Total Expenditure	565.479	550.396	375.167

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	6.49	7.57	(4.69)
Net Profit Margin(PBT/Sales)	9.75	8.66	(7.62)
Return on Total Assets(PBT/Total Assets}	15.97	14.24	(11.92)
Return on Investment (ROI)(PBT/Networth)	0.34	0.32	0.17
Debt Equity Ratio(Total Liability/Networth)	1.20	1.48	1.00
Current Ratio(Current Asset/Current Liability)	2.97	1.89	5.11

LOCAL AGENCY FURTHER INFORMATION

Jaguar Overseas Limited the flagship International Division of the Group has established a name for itself in dozens of countries across the Globe in South East Asia , SARCC Countries, Middle east, Africa, Europe, and USA. It is an ISO 9001 quality certified company and has won many awards fron the Govt. of India. Highly qualified and experienced teams of international business executives have formed themsevels into different groups to serve the international clients in the feild of projects, Light Engineering, Home Furnishing, Building Material and Trading involving wide array of products such as Steel Minerals, Ferro Alloys etc

Activities

• Project
• Trading

This performance is achieved due to cumulative efforts made by whole team of marketing, projects, execution, finance and company is expecting to continue the same performance in coming financial year also. The company functions under the following divisions.

Engineering and Project Division

Comprising of supply of projects material and miscellaneous engineering products, erection commissioning, turnkey projects etc.

Trading Division:

Steel, alloys, home furnishing, bicycle, handicraft, bearing etc.

Each of the business divisions being managed by professionals and ably directed by experienced board. Over the years with great emphasis on the integration of the process, the company has managed a beneficial blend of effective corporate policies and competitive business practice.

Project Abroad

During the year company has secured following project abroad

Country	Item	Value (USD)	Nature
Laos	Transmission Line	14.09 Million	Turnkey
Myanmar	Transmission Line	2.70 Million	Supply
Myanmar	Machinery	0.76 Million	Supply

Discontinuance of 100% Export Oriented Unit

During previous year, the company had took the decision to wind-up the 100% Export Oriented Unit at Nagothane, Maharashtra however this decision was later on kept in abeyance due to forthcoming elections and with the hope of change in import export policy however ultimately it seemed unreasonable to continue any more hence the unit is wound up during the year and all expenses incurred on this being revenue nature and brought forward from previous year are charged to Profit & Loss account in their respective heads. Hence Profit & Loss account of the year is effected by Rs 1.102 Million on account of such writing off.

	31.03.2005 Rs in Million	31.03.2004 Rs in Million
SECURED LOANS
Working capital Borrowing from Bank	41.706	46.591
Vehicle Loan	0.527
	42.233	46.590
UNSECURED LOAN
From Body corporate – Including interest accured and due Rs 2.174 Million (Previous Year Rs 0.540 Million)	4.251	59.062
	4.251	59.062

Fixed Assets

• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Vehicles
• Temporary Structure on Land-Laos
• Capital Work In Progress

Name of the company	JAGUAR OVERSEAS LIMITED
Presented By	MR RAJENDRA CHOPRA, COMPANY SECRETARY
1) Date and description of instrument creating the change	Agreement of hypothecation of goods and assets dated 22.05.2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs 10.000 Million
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present and future goods, book debts and all other movable assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest as per Bank/RBI instructions
5) Name and Address and description of the person entitled to the charge.	State Bank of Patiala, Overseas Branch ‘Chandralok’, 2^nd Floor, 36, Janpath, New Delhi – 110001
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.09
UK Pound	1	Rs.86.84
Euro	1	Rs.57.21

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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