MIRA INFORM REPORT

Report Date :

16.02.2010

IDENTIFICATION DETAILS

Name :	PRAMUKH CAR RIDERS LIMITED
Formerly Known as :	JAYABHARAT AUTOMOBILES LIMITED
Registered Office :	Electric Mansion Lucas, Prabhadevi, Appasaheb Marathe Marg, Mumbai – 400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	15.10.1999
Com. Reg. No.:	11-122080
CIN No.: [Company Identification No.]	U50100MH1999PLC122080
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05756C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Authorized Dealer for Hyundai Cars.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 226900
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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

INFORMATION DECLINED BY

Management non co-operative [ Name not Disclosed ]

LOCATIONS

Registered Office :	Electric Mansion Lucas, Prabhadevi, Appasaheb Marathe Marg, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24212783
Fax No.:	91-22-24212779
E-Mail :	jal@jaybharat.com

DIRECTORS

AS ON 11.09.2009

Name :	Mr. Rajiv V. Gupta
Designation :	Chairman
Address :	50, Golflink, New Delhi – 110003, Delhi, India
Date of Birth/Age :	13.08.1946
Date of Ceasing :	06.01.2009
Date of Appointment :	05.10.1999
Name :	Mr. Bipin B Bhavsar
Designation :	Director
Address :	Cadle Plaza Flat No. 801, Cadel Road, Near Kirti College, Prabhadevi Dadar, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	10.06.1950
Date of Appointment :	05.10.1999
Name :	Mr. Narayan Krishnan K.
Designation :	Director
Address :	Row House No. 16A, Nandanvan CHS Limited, Lane No. 2, Sector No. 17, Nerul Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	05.04.1964
Date of Appointment :	31.10.2006
Name :	Mr. Ashish Ramesh Bhavsar
Designation :	Director
Address :	Cadle Plaza Flat No. 402, Cadel Road, Near Kirti College, Prabhadevi Dadar, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	08.01.1974
Date of Appointment :	15.04.2008
Name :	Mr. Parin Nandlal Bhavsar
Designation :	Director
Address :	A 3, Rashmi Building, Bhagyandarashani CHS, Azad Nagar Veeradesai Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	16.03.1979
Date of Appointment :	15.04.2005
Name :	Mr. Jasmin Bhavsar
Designation :	Director
Address :	A 403, Unique Accord, Shanti Park, Miraroad, Thane – 401107, Maharashtra, India
Date of Birth/Age :	17.01.1972
Date of Appointment :	15.09.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.09.2009

Names of Shareholders	No. of Shares
Mr. Rajiv Gupta	100
Mr. Bipin B Bhavsar	1263200
Mr. Narayan Krishnan	15000
Mr. Ashish R Bhavsar	100000
Mr. Parin N Bhavsar	91600
Mrs. Dipika B Bhavsar	150000
Mr. Ashok Bhavsar	150000
Mr. Rameshbhai B Bhavsar	150000
Mrs. Sharayu R Bhavsar	150000
Mr. Krishnakumar Menon	15000
Mr. Chandrabali Prajapati	15000
Mr. Siddharth Gupta	100
Total	2100000

AS ON 11.09.2009

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.00
Bodies corporate	0.00
Directors or relatives of Directors	98.56
Other top fifty shareholders	1.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Authorized Dealer for Hyundai Cars.

GENERAL INFORMATION

No. of Employees :

Not Divulged by the management

Bankers :

• UCO Bank, Century Bhawan, Dr. A.B.Road,Worli, Mumbai – 400030, Maharashtra, India
• HDFC Bank Limited
• United Bank of India
• Standard Charted Bank
• ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
From Banks
Cash Credit	95.670	66.226
Bank of Baroda (secured against hypothecation of stock and book debts)
Trade Advances
HDFC Bank Limited	30.619	42.738
United Bank of India	52.263	--
Standard Charted Bank	19.900	--
ICICI Bank Limited	--	23.242
Total	198.352	132.206
Unsecured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Others	30.536	25.328
Total	30.536	25.328

Banking Relations :	--
Auditors :
Name :	Ravindra And Tannan Chartered Accountant
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai -400020, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs.21.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		21.000	21.000	21.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.713	28.289	22.516
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.713	49.289	43.516
LOAN FUNDS
1] Secured Loans		198.352	132.206	154.079
2] Unsecured Loans		30.536	25.328	31.620
TOTAL BORROWING		228.888	157.534	185.699
DEFERRED TAX LIABILITIES		5.073	5.233	3.619
TOTAL		290.674	212.056	232.834
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.527	50.271	49.379
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.969	0.970	0.969
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.384	77.690	109.090
	Sundry Debtors	22.591	27.972	15.973
	Cash & Bank Balances	1.408	1.840	5.964
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	169.332	107.611	84.130
Total Current Assets		279.715	215.113	215.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.858	40.699	18.679
	Other Current Liabilities	11.046	8.073	11.998
	Provisions	9.633	5.526	1.994
Total Current Liabilities		39.537	54.298	32.671
Net Current Assets		240.178	160.815	182.486
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		290.674	212.056	232.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	593.005	664.293	650.114
		Other Income	68.133	51.045	42.842
		TOTAL (A)	661.138	715.338	692.956
Less	EXPENSES
		Cost of Sales and Services	560.300	634.989	622.467
		Payment to and provision for employees	14.185	11.590	10.403
		Other Expenditure	42.776	33.486	30.213
		TOTAL (B)	617.261	680.065	663.083
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.877	35.273	29.873
Less	FINANCIAL EXPENSES (D)		29.759	21.713	17.274
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.118	13.560	12.599
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.745	2.641	2.452
	PROFIT BEFORE TAX (E-F) (G)		11.373	10.919	10.147
Less	TAX (I)		3.949	5.147	2.297
	PROFIT AFTER TAX (G-I) (J)		7.424	5.772	7.850
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.179	18.606	11.756
Less	APPROPRIATIONS
		Transfer to General Reserve	1.200	1.200	1.000
	BALANCE CARRIED TO THE B/S		29.403	23.179	19.606
	Earnings Per Share (Rs.)		3.54	2.75	3.82

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.12	0.80	1.13
Net Profit Margin (PBT/Sales)	(%)	1.91	1.64	1.56
Return on Total Assets (PBT/Total Assets}	(%)	3.45	4.11	3.83
Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.23
Debt Equity Ratio (Total Liability/Networth)		4.73	4.29	5.01
Current Ratio (Current Asset/Current Liability)		7.07	3.96	6.58

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

(Rs. In Millions)

Particulars	31.03.2009	31.03.2008	31.03.2007
Sundry Creditors	18.858	40.699	18.679
Total	18.858	40.699	18.679

Operations :

The company has been in the business of marketing Hyundai Car. The Dealership market witnesses a stiff competition, however due to the sustainable efforts of the management and due to the efforts of the management and due to good quality of the vehicles the company had a satisfactory performance.

Fixed Assets :

• Land
• Office Building
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles
• Leasehold Improvement

Corporate identity number of the company	U50100MH1999PLC122080
Name of the company	PRAMUKH CAR RIDERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Electric Mansion Appasabebmarathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
This form is for	Creation of charge
Type of charge	Others
Particular of charge holder	UCO Bank, Century Bhawan, Dr. A.B.Road,Worli, Mumbai – 400030, Maharashtra, India
Nature of instrument creating charge	Agreement Of Hypothecation Of Goods To Secure A Demand Cash Credit
Date of instrument Creating the charge	29/11/2010
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest : As Stipulated By Bank From Time To Time Terms Of Repayment : As Stipulated By Bank From Time To Time Margin : As Stipulated By Bank From Time To Time Extent And Operation Of The Charge : First Charge(Present And Future) (Hypothecation Of All Motor Car Purchased Out Of Bank Finance From UCO Bank)==Cash Credit/Inventory Funding=Rs.50.000 millions and/Or As Stipulated By Bank From Time To Time Other : As Stipulated By Bank Time To Time And As Per Agreement Attached And As Per Sanction Letter
Short particulars of the property charged (Including location of the property)	First Charge(Present And Future)-Hypothecation Of All Motor Car Purchased Out Of Bank Finance From UCO Bank

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. 45.45
UK Pound	1	Rs. 72.90
Euro	1	Rs. 61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.