MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	BOHRA RUBBER PRIVATE LIMITED
Registered Office :	925, S.N. Marg, New Delhi – 110 006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.2002
Com. Reg. No.:	55-115695
Capital Investment / Paid-up Capital :	Rs.8.500 millions
CIN No.: [Company Identification No.]	U25191DL2002PTC115695
TAN No.: [Tax Deduction & Collection Account No.]	DELB05920F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Components.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 44000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Profit and loss account for the current year is not available.

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 :	925, S.N. Marg, New Delhi – 110 006, India
E-Mail :	ca_skc@in.com
Website :	http://www.bohra.com
Corporate Office :	Main Bazar, Ballabgarh – 121 004, Haryana, India
Tel. No.:	91-129-4062692, 93
Fax No.:	91-129-4062695
Plant (Correspondence and mailing address) :	24/4, Milestone, Delhi Mathura Highway, Sector-59, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-4181500
Fax No.:	91-129-4155133
E-Mail :	sales@bohra.com

DIRECTORS

As on 28.08.2010

Name :	Mr. Amit Mahender Kumar Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Appointment :	06.06.2002
DIN No.:	00058801
Name :	Mr. Shailendra Kumar Mahender Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Appointment :	06.06.2002
DIN No.:	00059453
Name :	Mr. Sumit Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Birth/Age :	05.03.1981
Date of Appointment :	10.08.2005
Date of Ceasing :	25.09.2010
DIN No.:	00058840
Name :	Mr. Ravinder Kumar Ram RichPal Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Appointment :	06.06.2002
DIN No.:	00059795
Name :	Mr. Mahendra Kumar Jai Chand Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Birth/Age :	22.11.1952
Date of Appointment :	06.06.2002
Date of Ceasing :	25.09.2010
DIN No.:	00059824
Name :	Asha Ravinder Kumar Bohra
Designation :	Director
Address :	Bohra Bhawan, Main Bazar Ballabgarh, Faridabad, Haryana, India
Date of Appointment :	06.06.2002
DIN No.:	00059863

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.08.2010

Names of Shareholders	No. of Shares
Mahendra Kumar Bohra	2500
Ravinder Kumar Bohra	160000
Shailendra Bohra	122500
Asha Bohra	167491
Ravinder Kumar HUF	91001
Mahender Kumar and Sons HUF	32501
Shailender Sharma	25001
Sumit Bohra	20001
Seth Ram Chand and Sons, India	1
Jai Chand Ram RIchPal HUF	1
Shailender Kumar Bohra HUF	1
Anupama Bohra	1
Amit Bohra	144001
Manju Bohra	55000
Aruna Sharma	30000
Total	850000

As on 28.08.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Rubber Components.
Products :	v Extruded Components v Moulded Components v Speciality Assembled Components

GENERAL INFORMATION

Customers :

v Ashok Leyland Nissan

v Atul Auto

v Delphi

v Escorts

v Fiem

v Hi-Lex

v JCB

v JCBL

v Lumax

v Metaflex

v Tata

v Visteon

v Motherson Sumi

v Swaraj Mazda

No. of Employees :

75 (Approximately)

Bankers :

v Vijaya Bank, Mahana Road, Ballabhgarh – 121 004, Haryana, India

v ICICI Bank Limited

v State Bank of India

v Citi Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Vijaya Bank CCH	8.319	9.121
Vijaya Bank Term Loan	2.067	3.194
Vijaya Bank Term Loan	5.585	0.000
Vijaya Bank Term Loan	0.000	0.118
ICICI Bank Car Loan (Civic)	0.169	0.484
ICICI Bank Car Loan	0.000	0.018
Total	16.140	12.935

Banking Relations :	--
Auditors :
Name :	U.K. Goenka and Company Chartered Accountants
Address :	170/2, Budatt Colony, Ballabhgarh, Faridabad – 121 004, Haryana, India
Mobile No.:	91-9811747805
PAN No.:	AAAFU0583G

CAPITAL STRUCTURE

After 28.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs.8.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs.8.500 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		8.500	5.500	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.425	1.747	1.588
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.925	7.247	5.588
LOAN FUNDS
1] Secured Loans		16.140	12.935	16.290
2] Unsecured Loans		3.587	5.287	5.380
TOTAL BORROWING		19.727	18.222	21.670
DEFERRED TAX LIABILITIES		0.551	0.539	0.554
TOTAL		31.203	26.008	27.812
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.332	22.520	23.135
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.556	3.610	0.546
	Sundry Debtors	24.072	10.177	12.353
	Cash & Bank Balances	1.116	0.835	0.456
	Other Current Assets	1.130	0.933	0.719
	Loans & Advances	0.372	0.255	0.368
Total Current Assets		28.246	15.810	14.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.511	11.116	8.578
	Other Current Liabilities	0.248	0.324	0.857
	Provisions	2.640	0.886	0.338
Total Current Liabilities		24.399	12.326	9.773
Net Current Assets		3.847	3.484	4.669
MISCELLANEOUS EXPENSES		0.024	0.004	0.008
TOTAL		31.203	26.008	27.812

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Rubber Sales	49.262	51.919
		Other Income	0.000	0.000
		TOTAL	49.262	51.919
Less	EXPENSES
		Cost of goods sold	27.793	21.146
		Packing Material	0.738	0.923
		Consumable Store	0.911	10.092
		Job Work	0.424	0.507
		Wages	2.079	1.956
		Wages Contractor	0.911	0.000
		Electricity Expenses	2.498	2.086
		Generator Expenses	1.592	2.239
		Telephone Expenses	0.295	0.272
		Car Running Expenses	0.240	0.294
		Freight & Cartage (outward)	0.484	0.452
		Traveling Expenses	0.307	0.457
		Other Expenses	7.436	7.780
		TOTAL	45.708	48.204
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.554	3.715
Less/ Add	DEPRECIATION/ AMORTISATION		3.085	3.079
	PROFIT BEFORE TAX		0.469	0.636
Less	TAX		0.314	0.548
	PROFIT AFTER TAX		0.155	0.088
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.588	1.500
	BALANCE CARRIED TO THE B/S		1.743	1.588
	Earnings Per Share (Rs.)		0.28	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	0.31	0.17
Net Profit Margin (PBT/Sales)	(%)	NA	0.95	1.22
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.22	1.69
Return on Investment (ROI) (PBT/Networth)		NA	0.06	0.11
Debt Equity Ratio (Total Liability/Networth)		4.04	4.22	5.63
Current Ratio (Current Asset/Current Liability)		1.16	1.28	1.48

LOCAL AGENCY FURTHER INFORMATION

BUSINESS DESCRIPTION:

Establishments primarily engaged in manufacturing industrial rubber goods, rubberized fabrics, and vulcanized rubber clothing, and miscellaneous rubber specialties and sundries, not elsewhere classified. Included in this industry are establishments primarily engaged in reclaiming rubber and rubber articles.

FINANCIAL RESULTS: (As on 31.03.2010)

During the year the company earned a profit of Rs.1.019 millions which is being carried forward to next year. Due to inadequacy of profit, the directors do not recommend any dividend.

FORM 8:

Corporate identity number of the company	U25191DL2002PTC115695
Name of the company	BOHRA RUBBER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	925, S.N. Marg, New Delhi – 110 006, India E-Mail: ca_skc@in.com
This form is for	Modification of charge
Charge identification number of the modified	90043737
Type of charge	Book Debts Others (Raw Material, Semi Finished and Finished Goods.)
Particular of charge holder	Vijaya Bank, Mahana Road, Ballabhgarh – 121 004, Haryana, India E-Mail: skchoudhary_ca@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement for demand cash credit against hypothecation of stock and book debts.
Date of instrument Creating the charge	06.12.2010
Amount secured by the charge	Rs.10.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BR+5% i.e. 13.50% p.a. Terms of Repayment: Facility for a period of one year from the date of sanction subject to periodical review. Margin: 25% against raw material and finished goods and 50% of book debts outstanding up to the three months. Extent and Operation of the charge: 100%
Short particulars of the property charged	Hypothecation of paid stock of raw material, semi finished goods and finished goods of rubber, chemicals and reputed companies, outstanding for a period not beyond 90 days.
Date of latest modification prior to the present modification	11.09.2006
Particulars of the present modification	Cash credit limit enhancement/ renewal from Rs.8.500 millions to Rs.10.500 millions.

FIXED ASSETS:

v Plant and Machinery

v Tools and Die

v Scooter

v Office Equipment

v Motor Car

v Building

v Computer

v Mobile Phone

v Tempo

v Water Cooler

v Weighing Machine

v New Building

v D.G. Set

v Electric Fitting

v Furniture

v Rack and Tables

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.44.05
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.