MIRA INFORM REPORT

Report Date :

11.05.2011

IDENTIFICATION DETAILS

Name :	GLOBAL GALLARIE AGENCIES PRIVATE LIMITED
Registered Office :	Swastik High Point Gloria, Devchand Housing Compound, Near Akruti Angan, Ovla, Thane (West), Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.07.2006
Com. Reg. No.:	11-163411
Capital Investment / Paid-up Capital :	Rs. 9.105 Millions
CIN No.: [Company Identification No.]	U51909MH2006PTC163411
TAN No.: [Tax Deduction & Collection Account No.]	MUMG12277G
Legal Form :	Private Limited Liability Company
Line of Business :	Authorized Dealer of Cars
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but Correct
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 but correct. The company can be considered for small to mediocre 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.

INFORMATION PARTED BY

Name :	Mr. Yashwant Sagvekar
Designation :	Account Manger
Contact No.:	91-9930468740
Date :	10.05.2011

LOCATIONS

Registered Office :	Swastik High Point Gloria, Devchand Housing Compound, Near Akruti Angan, Ovla, Thane (West), Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25975050 / 27711367
Mobile No.:	91-9930468740 (Mr. Yashawant)
Fax No.:	91-22-25972905
E-Mail :	ggsales@globalgalarie.co.in geetanjali.thn@rediffmail.com
Website :	www.globalgalarie.co.in
Area :	3000 sq. ft.
Location :	Owned
Workshop :	Near Buyer India, Dholcali Nagar, Kolset Road, Thane
Warehouse:	Near Pidilte Godown, Purna Village, Bhiwandi, India
Branches :	Located at: Shahpur Vasai

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Manish Malhotra
Designation :	Director
Address :	224, Sai Shraddha, Sector – 21, Nerul, Navi Mumbai, Thane – 400706, Maharashtra, India
Date of Birth/Age :	14.08.1988
Date of Appointment :	17.08.2006
Name :	Mr. Lekhraj Tandon
Designation :	Director
Address :	B/1, 31, Shiv Parvati Chs Limited, Sector – 21, Nerul, Navi Mumbai, Thane – 400706, Maharashtra, India
Date of Birth/Age :	13.02.1928
Date of Appointment :	29.07.2006
Name :	Mrs. Geeta Sunit Malhotra
Designation :	Director
Address :	224, Sai Shraddha, Sector – 21, Nerul, Navi Mumbai, Thane – 400706, Maharashtra, India
Date of Birth/Age :	28.06.1963
Date of Appointment :	01.09.2009

KEY EXECUTIVES

Name :	Mr. Yeswant Sagvekar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Lekhraj F akirchand Tandon	10000
Manish Sunit Kumar Malhotra	300000
S.K.Malhotra [HUF]	200000
Miss.(minor)Vidhi Sunitkumar	200000
Prabhavati Vasant Savla	50
Santoshima Lease Fin and Investment (India) Limited, India	25050
Bijal B Pagi	5000
Atul M Patel	5000
Sanjay S kamble	7500
Jayesh M Patel	7500
Kaplesh R Madhavi HUF	7500
Kalpit R Jani	5000
Conart Traders Limited	10000
Bhavesh S Trivedi	7500
Kashyap J Pandya	7500
Lunkad Textiles Private Limited, India	10000
Shyam Alcoholic and Chemicals Limited, India	25000
Shipra Fabrics Private Limited, India	15000
P Saji Textile Limited, India	15000

AS ON 29.09.2010

Category	Percentage
Bodies Corporate	10.99
Directors or relatives of directors	77.98
Others	11.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Authorized Dealer of Cars
Agencies Held :	Mahindra and Mahindra
Terms :
Selling :	Cash and Credit (30 / 60 / 90 Days)
Purchasing :	Cash and Credit (30 / 60 / 90 Days)

GENERAL INFORMATION

Customers :

· Suppliers

· Retailers

· End Users

· OEM’s

· Others

No. of Employees :

350 (Approximately)

Bankers :

v The Kapol Co-Operative Bank Limited, Ladkorbai Kapol Wadi, M.G. Road, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

v Mahindra and Mahindra finance Limited

v ICICI Bank Limited

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Mahindra and Mahindra finance Limited -Secured against Vehicles	5.317	5.179
ICICI Bank Limited -Secured against Vehicles	0.671	0.899
Kapol Co-Operative Bank Limited Secured against Stock and Book Debts	58.988	30.021
Reliance Consumer Finance (Secured against vehicles )	0.000	1.557
Family Credit Limited (Secured against Vehicles)	0.000	0.562
Total	64.977	38.219

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Directors and shareholders	20.170	18.872
From Body Corporate	117.642	94.612
Total	137.812	113.484

Banking Relations :

-

Auditors :

Name :

R K Tharar and Associates

Chartered Accountants

Address :

10, Ambe Ashish, 32, Dariyasthan Street, Masjid Bunder, Mumbai-400 003, Maharashtra, India

Tel. No.:

91-23450243/23450301

Associates/Subsidiaries (As on 2009) :

Name :	Global Gallarie
Address :	Panvel
Line of Business :	Authorized Dealer of Cars.

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- Each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
910500	Equity Share	Rs.10/- Each	Rs.9.105 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		9.105	9.105	7.105
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.328	23.156	4.026
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.433	32.261	11.131
LOAN FUNDS
1] Secured Loans		64.977	38.220	36.354
2] Unsecured Loans		137.812	113.484	154.782
TOTAL BORROWING		202.789	151.704	191.136
DEFERRED TAX LIABILITIES		0.000	0.000	0.402
TOTAL		239.222	183.965	202.669
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.872	39.224	37.189
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.100
DEFERREX TAX ASSETS		0.942	0.396	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.468	78.244	117.153
	Sundry Debtors	77.455	82.833	123.561
	Cash & Bank Balances	35.955	21.497	19.776
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.126	19.611	27.072
Total Current Assets		259.004	202.185	287.562
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.189	12.576	102.807
	Other Liabilities	37.153	35.890	19.145
	Provisions	7.468	12.563	4.288
Total Current Liabilities		56.810	61.029	126.240
Net Current Assets		202.194	141.156	161.322
MISCELLANEOUS EXPENSES		2.714	2.689	4.058
TOTAL		239.222	183.965	202.669

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES AND OTHER INCOME		2030.667	2227.491	2492.407
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1996.275	2195.701	2461.837
		Advertising Expenses
		TOTAL	1996.275	2195.701	2461.837
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		34.392	31.790	30.570
Less	FINANCIAL EXPENSES		21.082	20.425	16.107
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.310	11.365	14.462
Less/ Add	DEPRECIATION/ AMORTISATION		8.469	8.343	7.485
	PROFIT BEFORE TAX		4.841	3.022	6.978
Less	TAX		0.669	1.892	2.952
	PROFIT AFTER TAX		4.172	1.130	4.026
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.156	4.026	NIL
	BALANCE CARRIED TO THE B/S		9.328	5.156	4.026
	Earnings Per Share (Rs.)		4.58	1.24	5.67

Particulars	31.03.2011
Sales Turnover (Approximately)	2100.000

Expected Sales (2011-2012) : Rs. 2250.000 millions

The above information has been parted by Mr. Yashwant Sagvekar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.20	0.05	0.16
Net Profit Margin (PBT/Sales)	(%)	0.23	0.14	0.28
Return on Total Assets (PBT/Total Assets}	(%)	1.65	1.25	2.09
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.63
Debt Equity Ratio (Total Liability/Networth)		7.12	6.59	26.79
Current Ratio (Current Asset/Current Liability)		4.55	3.31	1.24

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
For Goods	8.725	11.150	82.717
For Others	3.464	1.426	20.090
Total	12.189	12.576	102.807

Note:

The registered office of the company has been shifted from B/1, 31, Shiv Parvati Chs Limited, Sector – 21, Nerul, Navi Mumbai, Thane – 400706, Maharashtra, India to the present address w.e.f.01.05.2007.

FORM : 8

Corporate identity number of the company	U51909MH2006PTC163411
Name of the company	GLOBAL GALLARIE AGENCIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Swastik High Point Gloria, Devchand Housing Compoun, Next To Arihant Plaza, Ghodbunder Road, Ovla, Thane (W), Thane - 400607, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	The Kapol Co-operative Bank Limited, Ladkorbai kapol wadi , M.G. Road, Ghatkopar ( West) , Mumbai -400086, Maharashtra, INDIA
Nature of instrument creating charge	Composite Hypothecation Agreement For Cash Credit Facility of Rs.70.000 millions
Date of instrument Creating the charge	07/10/2010
Amount secured by the charge	Rs. 70.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14% Terms of repayment On Demand/ Annual Review Margin 40% On Stock 50% On Book Debt Extent and operation of the charge Cash Credit Facility Against Hypothecations of Vehicle Stocks , Spare Parts, Accessories And Book Debts Other Hypothecation of Stocks of Mahindra and Mahindra Vehicles, Spare parts and Accessories
Short particulars of the property charged (Including location of the property)	Hypothecation of Stocks of Mahindra and Mahindra Vehicles, Spare parts and Accessories
Date of instrument modifying the charge	16/06/2010
Particulars of the present modification	Cash Credit Facility of Rs. 70.000 millions Against Hypothecation of Stocks of Vehicles ,Spare Parts And Accessories And Book Debts

FIXED ASSETS:

• Computers
• Furniture and Fixture
• Office Equipments
• Plant and Machinery
• Tools and Equipments
• Vehicles
• Pre-operative Expenses

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. 44.73
UK Pound	1	Rs. 73.20
Euro	1	Rs. 63.90

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	3
--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	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		29

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.