MIRA INFORM REPORT

Report Date :

07.04.2011

IDENTIFICATION DETAILS

Name :	BORAR OVERSEAS PRIVATE LIMITED
Registered Office :	177, Deshbandhu Apartments, Kalakji, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.1994
Com. Reg. No.:	55-057975
CIN No.: [Company Identification No.]	U74899DL1994PTC057975
Legal Form :	Private Limited Liability Company
Line of Business :	Paints, Printing and Manufacturing on automobile and engineering components.

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 15000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. It’s scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	177, Deshbandhu Apartments, Kalakji, New Delhi – 110 019, India
E-Mail :	suresh.anchalia@gmail.com
Branch Office :	35, Neelam Bata Road, Faridabad, Haryana, India

DIRECTORS

As on 13.09.2010

Name :	Ms. Manisha Borar
Designation :	Additional Director
Address :	99, Sector – 9, Faridabad, Haryana, India
Date of Appointment :	10.01.2004
Name :	Mr. Abodh Borar
Designation :	Director
Address :	99, Sector – 9, Faridabad, Haryana, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	21.03.1994
Name :	Mr. Ram Lal Borar
Designation :	Director
Address :	99, Sector – 9, Faridabad, Haryana, India
Date of Birth/Age :	14.10.1954
Date of Appointment :	30.11.1998
Name :	Mr. Ravi Kumar Banthia
Designation :	Director
Address :	1308, Sector – 3, Faridabad, Haryana, India
Date of Ceasing :	10.01.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.09.2010

Names of Shareholders	No. of Shares
Ram Lal Borar	62200
Abodh Borar	55100
Manisha Jain	5000
Puneet Garg	5000
Tilok Chand Borar	6200
Total	133500

As on 13.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	97.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Paints, Printing and Manufacturing on automobile and engineering components.

Products :

Item Code No. (ITC Code)	8714
Product Description	Painting/Powder coating of Automobile parts

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Company's	0.182	0.107
From Directors	0.955	1.170
From Others	0.097	0.097
Citi-Corp Maruti Finance	0.041	0.147
Total	1.275	1.521

Banking Relations :	--
Auditors :
Name :	Suresh Anchalia Chartered Accountants
Address :	35, Neelam Bata Road, NIT, Faridabad – 121 001, Haryana, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133500	Equity Shares	Rs.10/- each	Rs.1.335 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.335	1.335	1.335
2] Share Application Money		0.000	0.000	0.087
3] Reserves & Surplus		2.441	2.406	2.549
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.776	3.741	3.971
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.275	1.521	1.553
TOTAL BORROWING		1.275	1.521	1.553
DEFERRED TAX LIABILITIES		0.000	0.002	0.027
TOTAL		5.051	5.264	5.551
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.978	2.516	2.819
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.134	0.134	0.134
DEFERREX TAX ASSETS		0.022	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.084	0.064	0.042
	Sundry Debtors	2.767	3.117	3.307
	Cash & Bank Balances	1.510	0.509	0.950
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.490	0.371	0.841
Total Current Assets		4.851	4.061	5.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.993	0.979	1.061
	Other Current Liabilities	0.296	0.272	0.556
	Provisions	0.645	0.196	0.925
Total Current Liabilities		1.934	1.447	2.542
Net Current Assets		2.917	2.614	2.598
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.051	5.264	5.551

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Job Work receipts	6.108	5.304	6.493
		Interest received	0.041	0.036	0.034
		Other Income	0.055	0.031	0.048
		Sundry Balances W/off	0.000	0.004	0.000
		TOTAL	6.204	5.375	6.575
Less	EXPENSES
		Material & Manufacturing expenses	4.180	3.699	4.397
		Personnel expenses	0.943	0.905	1.048
		Other expenses	0.251	0.347	0.331
		Selling expenses	0.049	0.062	0.052
		TOTAL	5.423	5.013	5.828
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.781	0.362	0.747
Less/ Add	DEPRECIATION/ AMORTISATION		0.323	0.414	0.359
	PROFIT BEFORE TAX		0.458	(0.052)	0.388
Less	TAX		0.115	0.091	0.124
	PROFIT AFTER TAX		0.343	(0.143)	0.264
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.632	0.776	0.770
Less	APPROPRIATIONS
		Proposed Dividend	0.267	0.000	0.200
		Tax on dividend	0.041	0.000	0.031
		Transferred to General reserve	0.034	0.000	0.050
	BALANCE CARRIED TO THE B/S		0.633	0.632	0.776
	Earnings Per Share (Rs.)		2.57	(1.07)	1.98

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.53	(2.66)	4.02
Net Profit Margin (PBT/Sales)	(%)	7.50	(0.98)	5.98
Return on Total Assets (PBT/Total Assets}	(%)	6.71	(0.79)	4.87
Return on Investment (ROI) (PBT/Networth)		0.12	(0.01)	0.10
Debt Equity Ratio (Total Liability/Networth)		0.85	0.79	1.03
Current Ratio (Current Asset/Current Liability)		2.51	2.81	2.02

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixture

· Scooter

· Car

· Tool and Dies

· Air Conditioner

· Cycle

· Testing Equipment

· Computer

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 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.44.20
UK Pound	1	Rs.72.25
Euro	1	Rs.63.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--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
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.