1. Summary Information

		Country	India
Company Name	Himgiri Automobiles Private Limited	Principal Name 1	Mr. Anil Goel
Status	Satisfactory	Principal Name 2	Ms. Dimple Goel
		Registration #	55-02495
Street Address	A – 74, Main Road, Kanti Nagar, Krishna Nagar, Delhi-110051, India
Established Date	28.07.1986	SIC Code	--
Telephone#	91-11-22099000/ 22090362/ 22090941	Business Style 1	Dealer
Fax #	91-11-22096403	Business Style 2	--
Homepage	--	Product Name 1	Motor Cycle like Hero Honda
# of employees	300 (Approximately)	Product Name 2	--
Paid up capital	Rs.2,000,000/-	Product Name 3	--
Shareholders	Directors and Relatives of Directors – 100%	Banking	HDFC Bank
Public Limited Corp.	No	Business Period	24 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	135,282,000	Current Liabilities	91,685,000
Inventories	56,008,000	Long-term Liabilities	91,874,000
Fixed Assets	19,783,000	Other Liabilities	0
Deferred Assets	0	Total Liabilities	183,559,000
Invest& other Assets	1,558,000	Retained Earnings	27,072,000
		Net Worth	29,072,000
Total Assets	212,631,000	Total Liab. & Equity	212,631,000
Total Assets (Previous Year)	176,492,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	--	Net Profit	--
Sales(Previous yr)	886,357,000	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

31.03.2011

IDENTIFICATION DETAILS

Name :	HIMGIRI AUTOMOBILES PRIVATE LIMITED
Registered Office :	A – 74, Main Road, Kanti Nagar, Krishna Nagar, Delhi-110051
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.07.1986
Com. Reg. No.:	55-024945
CIN No.: [Company Identification No.]	U749899DL1986PTC024945
TAN No.: [Tax Deduction & Collection Account No.]	DELH04049D / DELH04621B
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer of Motor Cycle like Hero Honda

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 116000
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. Sanjay Krishnan
Designation :	General Manager

LOCATIONS

Registered Office :	A – 74, Main Road Kanti Nagar, Krishna Nagar, Delhi-110051, India
Tel. No.:	91-11-22099000/ 22090362/ 22090941
Fax No.:	91-11-22096403
E-Mail :	finance@himgiriautomobiles.com sigmalegal@gmail.com herohanda@himgiriautomobiles.com info@sigmalegal.in
Corporate Office :	A-7, Jagatpuri Extension, 100 FT Road, New Delhi – 110093, India

DIRECTORS

As on 25.09.2010

Name :	Mr. Anil Goel
Designation :	Director
Address :	F- 501, Gauri Sadan, 5 Hailey Road, New Delhi-110001, India
Date of Birth/Age :	25.03.1961
Date of Appointment :	01.12.1998
Name :	Ms. Dimple Goel
Designation :	Director
Address :	F- 501, Gauri Sadan, 5 Hailey Road, New Delhi-110001, India
Date of Birth/Age :	18.08.1968
Date of Appointment :	20.02.1997

KEY EXECUTIVES

Name :	Mr. U S and Associates
Designation :	Company Secretary
Tel No.:	91-11-42471077/ 42471212
Mobile :	91-9811156111
Email :	singhaluk@hotmail.com
Name :	Mr. Sanjay Krishnan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 25.09.2010)

Names of Shareholders	No. of Shares
Anil Goel	13000
Dimple Goel	7000
Total	20000

(As on 25.09.2010)

Category	Percentage
Directors and Relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer of Motor Cycle like Hero Honda

GENERAL INFORMATION

Suppliers :

· Auto Needs (India) Private Limited

· Carrier Air Conditioning and Refrigeration Limited

· Himgiri Agencies

· Luminious Power Technologies (Private) Limited

· Parker Marketing

· Ravinder Tempo Services

· Samsung India Electronics Private Limited Limited

· S. N. Air Conditioners

· Timex Engineers Company

· Exide Industries limited

· Classic Printers

· D K Mangal and Associates

· D R Auto Industries

· G K Engineers

· Om Motors

· Pawan Motors

Customers :

· Aggarwal Electric Home/ Car

· Ajay Electronics/ CARR

· Bakshi Television Company

· Chawla Electronics

· Choice Electronics

· Dimply Electronics

· Garg Electronics Private Limited

· Gupta Electric works

· Hindustan Distributors

· Jain Electronics

· Kataria Sales Corporation

· K D Sunita and Company

· Manoj Electronics

· Mega Electronics

· Mehta Enterprises

· Neelkant Electronics

· Neha Electronics

· Sahil Traders

· Santosh Enterprises

No. of Employees :

300 (Approximately)

Bankers :

· Axis Bank Limited

Zonal Office (North), 4^th Floor, Ashoka Estate, 24, Barakhamba Road, Delhi – 110001, India

· Vijaya Bank

Vigyan Vihar, Delhi – 110092, India

· State Bank of India

Connt Circus, New Delhi – 110001, India

· Citi Bank

· HDFC Bank Limited

· Centurion Bank of Punjab Limited

F – 101 B, Plot No.6, Aditya Complex, Community Centre, Preet Vihar, New Delhi – 110012, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
HDFC Bank Limited	8.157	14.152
HDFC Inventory Funding	39.318	7.015
Axis Bank A/C / 166010200035185	0.000	8.955
ICICI Inventory Funding	18.572	0.000
SBI Channel Funding	19.815	0.000
Total	85.862	30.122
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Arun Goel	0.000	0.075
Anil Goel	5.550	5.550
Santosh Goel	0.000	0.346
Sood International	0.000	0.041
Dimple Goel	0.462	0.000
Total	6.012	6.012

Banking Relations :	Satisfactory
Auditors :
Name :	Arun Kucchal and Associate Chartered Accountant
Address :	F-58, Kalkaji, New Delhi, Delhi- 110019, India
Tel. No. :	91-11-16452302/ 26422311/ 41315810

CAPITAL STRUCTURE

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.072	21.735	18.651
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.072	23.735	20.651
LOAN FUNDS
1] Secured Loans		85.862	30.122	61.865
2] Unsecured Loans		6.012	6.012	6.012
TOTAL BORROWING		91.874	36.134	67.877
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		120.946	59.869	88.528
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.783	13.672	4.405
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.558	17.494	2.682
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.008	103.413	87.145
	Sundry Debtors	63.826	20.139	50.671
	Cash & Bank Balances	21.181	5.382	11.002
	Other Current Assets	9.455	7.030	3.611
	Loans & Advances	40.820	9.362	1.864
Total Current Assets		191.290	145.326	154.293
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	84.598	112.002	72.900
	Provisions	7.087	4.621	2.952
Total Current Liabilities		91.685	116.623	75.852
Net Current Assets		99.605	28.703	78.441
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		120.946	59.869	88.528

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales Turnover		886.357	768.964
		Warranty and Marine Claim		0.128	0.089
		Other Income		18.110	16.685
		TOTAL (A)	NA	904.595	785.738
Less	EXPENSES
		Cost of Goods Sold		846.469	738.109
		Salaries, Wages, Bonus, etc.		11.966	10.648
		Directors Remuneration		3.800	3.800
		Insurance Expenses		0.123	0.057
		Audit Fees		0.194	0.093
		Other Expenses		36.151	26.886
		TOTAL (B)	NA	898.703	779.593
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	5.892	6.145
Less	FINANCIAL EXPENSES (D)		NA	0.007	0.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.591	5.885	6.074
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.536	1.082	0.992
	PROFIT BEFORE TAX (E-F) (G)		8.055	4.803	5.082
Less	TAX (I)		NA	NA	NA
	PROFIT AFTER TAX (G-I) (J)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	--	0.54	0.66
Return on Total Assets (PBT/Total Assets}	(%)	3.82	3.02	3.20
Return on Investment (ROI) (PBT/Networth)		0.28	0.20	0.25
Debt Equity Ratio (Total Liability/Networth)		6.31	6.44	6.96
Current Ratio (Current Asset/Current Liability)		2.09	1.25	2.03

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The company has earned a profit of Rs.8.055 Millions after providing depreciation of Rs.1.536 Millions. The directors expect a very good turnover and profitability in the coming year.

FORM 8:

This form is for	Creation of Charge
Corporate identity number of the company	U74899DL1986PTC02495
Name of the company	Himgiri Automobiles Private Limited
Address of the registered office or of the principal place of business in India of the company	74 – Akanti Nagar Main Road, Krinshna Nagar, Delhi – 110051, India
Type of charge	Movable Property
Particular of charge holder	State Bank of India Connt. Circus, New Delhi – 110001, India Email : info@sigmalegal.in
Nature of description of the instrument creating or modifying the charge	Letter of Agreement SME 1 Agreement of Loan Cum Hypothecation SEM 2
Date of instrument Creating the charge	19.01.2009
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.50% Below SBAR Terms of Repayment Repayable on Demand Margin 20% on Finished Goods Extent and Operation of the charge Till The Liquidation Sanction Limit
Short Particulars of the Property Charger	Hypothecation of Stocks/ Vehicles Purchased Through the channel Financing Facility of the Bank

FIXED ASSETS:

v Furniture and Fixture

v Air Conditioner

v Cars and Van

v Car Washer

v Cash Counting Machine

v E.T.P. Plant

v Gas Analyser

v Generator Sets

v Motor Cycles

v Ramp

v Scooter

v Tools ad Equipments

v Water Cooler

v Cellular Phone

v Fan

v Fax Machine

v Fire Extinguisher

v Furniture and Fixtures

v Music System

v Pager

v Scanner

v Refrigerator

v Television

v Typewriter

v Plant and Machinery

v Machinery

v Water Purifier

v Pump

v Printer

v Camera

v Computer

v Lift

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.44.77
UK Pound	1	Rs.71.69
Euro	1	Rs.63.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.