MIRA INFORM REPORT

Report Date :

27.06.2010

IDENTIFICATION DETAILS

Name :	OBERAI AUTO SPARES PRIVATE LIMITED
Registered Office :	256F, Forst Parkbhubaneshwar, Khurda – 751009, Orissa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.03.1998
Com. Reg. No.:	15-005239
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U50101OR1998PTC005239
TAN No.: [Tax Deduction & Collection Account No.]	BBNO00609A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Automobile Spare Parts of TVS two Wheeler
No. of Employees :	12 (In Office) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 27000
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 PARTED BY

Name :	Mr. Mr. Sunmeet Singh
Designation :	Director
Contact No.:	91-9776010001
Date :	30.09.2010

LOCATIONS

Registered Office :	256F, Forst Parkbhubaneshwar, Khurda – 751009, Orissa, India
Mobile No.:	91-9338119568 (Mr. Surdeep Singh Cour)
E-Mail :	sunmeet@oberoi.com
Area :	2000 sq.ft.
Location :	Owned
Corporate office / Showroom :	5, Konark Apartment, Opposite Stock Exchange, Cuttack Road, Bhubneshwar
Tel. No.:	91-674-2571634
Fax No.:	91-674-2571634

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Surinder Singh
Designation :	Managing Director
Address :	156-F, Forest Park, Bhubaneshwar, Khurda – 751009, Orissa, India
Date of Birth/Age :	01.09.1954
Date of Appointment :	24.03.1998
Name :	Mr. Gurdeep Singh
Designation :	Director
Address :	156-F, Forest Park, Bhubaneshwar, Khurda – 751009, Orissa, India
Date of Birth/Age :	09.10.1964
Date of Appointment :	25.03.1998
Name :	Mr. Kaur Jasjit
Designation :	Whole Time Director
Address :	156-F, Forest Park, Bhubaneshwar, Khurda – 751009, Orissa, India
Date of Birth/Age :	28.11.1958
Date of Appointment :	25.03.1998
Name :	Mr. Sunmeet Singh Oberoi
Designation :	Whole Time Director
Address :	256-F, Forest Park, Bhubaneshwar, Khurda – 751009, Orissa, India
Date of Birth/Age :	27.05.1981
Date of Appointment :	31.06.2007
Date of Leaving :	31.12.2009
Name :	Mr. Jatinder Kaur
Designation :	Director
Address :	156-F, Forest Park, Bhubaneshwar, Khurda – 751009, Orissa, India
Date of Birth/Age :	03.04.1969
Date of Appointment :	15.03.1998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Gurucharan Singh	1500
Surinder Singh	100
Gurdeep Singh	2100
Kaur Jasjit	100
Kaur Jatinder	1100
Kaur Waryam	100
Total	5000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Automobile Spare Parts of TVS two Wheeler
Agencies Held :	TVS Motor Company
Terms :
Selling :	Credit (21 days)
Purchasing :	Cash (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

12 (Approximately)

Bankers :

· Indusind Bank Limited, 78, Janpath, Kharavela Nagar, Unit III, Bhubaneshwar – 751001, Orissa, India

· ICICI Bank

· Axis Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Axis Bank	0.000	6.346
Induslnd Bank (Secured by hypothecation of stocks and personal guarantee of directors)	5.930	0.000
Total	5.930	6.346
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks
ICICI Bank (Vehicle Loan)
ICICI Bank (OD)	2.053	2.332
ICICI Bank (C.A)	0.000	0.198
Axis Bank (Vehicle Loan)	0.135	0.231
Loan from Share holders	0.233	0.473
Chanal Finance (Induslnd Bank)	2.716	0.000
Total	5.138	3.235

Banking Relations :	--
Auditors :
Name :	S.S. Patri and Company Chartered Accountant
Address :	A-61, Kharvel Nagar, Press Colony, Unit III, Bhubneshwar – 751001, Orissa, India
Associates/Subsidiaries :	Oberoi Enterprises Line of Business : Trader of automobile Spare Parts for all two wheelers

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.352	4.629	3.164
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.852	5.129	3.664
LOAN FUNDS
1] Secured Loans		5.930	6.346	6.784
2] Unsecured Loans		5.138	3.235	4.018
TOTAL BORROWING		11.068	9.581	10.802
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17.920	14.710	14.466
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.240	2.327	2.006
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	13.522	10.999	10.996
	Sundry Debtors	3.816	3.956	3.862
	Cash & Bank Balances	0.888	1.041	0.971
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.859	4.945	3.416
Total Current Assets		25.085	20.941	19.245
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	6.967	6.881	5.841
	Provisions	2.438	1.677	0.944
Total Current Liabilities		9.405	8.558	6.785
Net Current Assets		15.680	12.383	12.460
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17.920	14.710	14.466

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	110.325	92.306	62.036
		Other Income	4.351	4.475	2.583
		TOTAL (A)	114.676	96.781	64.619
Less	EXPENSES
		Increase/Decrease in stock	(2.523)	(0.003)
		Traded Goods	106.121	86.801
		Payments and provision for employees	2.708	2.563	63.062
		Trading and other expenses	3.880	3.550
		TOTAL (B)	110.186	92.911	63.062
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.490	3.870	1.557
Less	FINANCIAL EXPENSES (D)		1.726	1.396	1.043
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.764	2.474	0.514
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.260	0.232	0.067
	PROFIT BEFORE TAX (E-F) (G)		2.504	2.242	0.447
Less	TAX (I)		0.781	0.778	0.352
	PROFIT AFTER TAX (G-I) (J)		1.723	1.464	0.095
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.629	3.164	2.209
	BALANCE CARRIED TO THE B/S		6.352	4.629	3.164
	Earnings Per Share (Rs.)		344.60	292.80	19.00

Particulars	31.03.2011
Sales Turnover (Approximately)	115.000

The above information has been parted by Mr. Sunmeet Singh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.50	1.51	0.14
Net Profit Margin (PBT/Sales)	(%)	2.26	2.42	0.72
Return on Total Assets (PBT/Total Assets}	(%)	9.16	9.48	2.10
Return on Investment (ROI) (PBT/Networth)		0.36	0.43	0.12
Debt Equity Ratio (Total Liability/Networth)		2.98	3.53	0.17
Current Ratio (Current Asset/Current Liability)		2.66	2.44	2.83

LOCAL AGENCY FURTHER INFORMATION

Form : 8

Corporate identity number of the company	U50101OR1998PTC005239
Name of the company	OBERAI AUTO SPARES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	256F Forest Parkbhubaneswar, Khurda – 751009, Orissa, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others
Particular of charge holder	Indusind Bank Limited, 78, Janpath, Kharavela Nagar, Unit III, Bhubaneshwar – 751001, Orissa, India
Nature of instrument creating charge	1-Agreement For Hypothecation Of Current Assets.
Date of instrument Creating the charge	16/10/2010
Amount secured by the charge	Rs. 5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest The rate of interest is 3.5% above the prevailing Base Rate as prescribed from time to time which is presently 7.50% p.a subject to minimum of 11% p.a .The penal rate of interest is 18.75% p.a. Terms of repayment Repayable on Demand Margin As per Bank's guidelines from time to time Extent and operation of the charge The bank has the exclusive charge on the financed assets and the receivables arising there from. Other Nil
Short particulars of the property charged (Including location of the property)	Hypothecation of vehicles financed by the Bank and the receivables arising there from.

TRADE REFERENCES:

· Venus Automotives – Bhubaneshwar

· Woodart Private Limited – Bhubneshwar

FIXED ASSETS :

· Electrical Equipments

· Motor Cycle

· Computer

· Furniture and Fixtures

· Television

· Office Equipments

· Car

· Showroom renovation

· Machinery

· Air Conditioner

· Tools and Equipments

· Glow Sing Board

· Water Dispenser

· Stabilizer

· Water Pump and Borewell

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. 45.10
UK Pound	1	Rs. 71.87
Euro	1	Rs. 63.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.