MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	KAMALNAYAN INVESTMENT AND TRADING PRIVATE LIMITED
Registered Office :	Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1992
Com. Reg. No.:	11-65187
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U67120MH1992PTC065187
TAN No.: [Tax Deduction & Collection Account No.]	MUMK04458G
Legal Form :	Private Limited Liability Company
Line of Business :	Investment Company
No. of Employees :	Not Available

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 170000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22023626
Fax No.:	91-22-22025160
E-Mail :	sanjaym_cs@rediffmail.com

DIRECTORS

(AS ON 30.08.2011)

Name :

Mr. Rahulkumar Kamalnayan Bajaj

Designation :

Director

Address :

Bajaj Auto Limited, Akurdi, Pune-410035, Maharashtra, India

Date of Birth/Age :

10.06.1938

Date of Appointment :

31.01.1992

DIN No.:

00014529

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L35911PN1945PLC004656	BAJAJ HOLDINGS AND INVESTMENT LIMITED	Director	20/02/2008	1/4/1970	-	Active	NO
2	L99999MH1937PLC002726	MUKAND LIMITED	Director	22/07/1976	22/07/1976	28/07/2010	Active	NO
3	L65910MH1987PLC042961	BAJAJ FINANCE LIMITED	Director	25/03/1987	25/03/1987	-	Active	NO
4	U67120MH1992PTC065184	RAHUL SECURITIES PRIVATE LIMITED	Director	31/01/1992	31/01/1992	-	Active	NO
5	U67120MH1992PTC065187	KAMALNAYAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	31/01/1992	31/01/1992	-	Active	NO
6	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	13/11/1997	13/11/1997	-	Active	NO
7	U66010PN2000PLC015329	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED	Director	19/09/2000	19/09/2000	-	Active	NO
8	U66010PN2001PLC015959	BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED	Director	12/3/2001	12/3/2001	-	Active	NO
9	L65923PN2007PLC130075	BAJAJ FINSERV LIMITED	Director	9/7/2008	2/5/2007	-	Active	NO
10	L65993PN2007PLC130076	BAJAJ AUTO LIMITED	Whole-time director	1/4/2010	2/5/2007	-	Active	NO
11	U65910PN2008PLC132228	BAJAJ FINANCIAL SOLUTIONS LIMITED	Director	15/07/2009	13/06/2008	18/01/2011	Active	NO
12	U67120MH1992PTC065190	RUPA EQUITIES PRIVATE LIMITED	Director	29/09/2009	21/12/2008	-	Active	NO
13	U99900MH1991NPL060142	BHOOPATI SHIKSHAN PRATISTHAN	Additional director	25/09/2009	23/03/2009	-	Active	NO
14	U99900MH1991NPL060141	MAHAKALPA AROGYA PRATISTHAN	Additional director	25/09/2009	23/03/2009	-	Active	NO

Name :

Mr. Sanjivnayan Rahul Bajaj

Designation :

Director

Address :

Bajaj Vihar, Mumbai Pune Road, Akurdi, Pune-410035, Maharashtra, India

Date of Birth/Age :

02.11.1969

Date of Appointment :

29.09.2009

DIN No.:

00014615

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U66010PN2000PLC015329	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED	Director	19/09/2000	19/09/2000	-	Active	NO
2	U66010PN2001PLC015959	BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED	Director	12/3/2001	12/3/2001	-	Active	NO
3	U17120MH1926PTC001265	BACHHRAJ FACTORIES PRIVATE LIMITED	Director	5/4/2002	5/4/2002	-	Active	NO
4	L35911PN1945PLC004656	BAJAJ HOLDINGS AND INVESTMENT LIMITED	Director	20/02/2008	15/09/2004	-	Active	NO
5	L65910MH1987PLC042961	BAJAJ FINANCE LIMITED	Director	18/01/2005	18/01/2005	-	Active	NO
6	U65993MH1979PTC021066	BAJAJ AUTO HOLDINGS LIMITED	Director	11/5/2005	11/5/2005	-	Active	NO
7	L35912MH1975PLC018376	MAHARASHTRA SCOOTERS LIMITED	Nominee director	8/7/2008	18/10/2006	-	Active	NO
8	L65923PN2007PLC130075	BAJAJ FINSERV LIMITED	Managing director	20/02/2008	2/5/2007	-	Active	NO
9	L65993PN2007PLC130076	BAJAJ AUTO LIMITED	Whole-time director	1/4/2009	2/5/2007	-	Active	NO
10	U65910PN2008PLC132228	BAJAJ FINANCIAL SOLUTIONS LIMITED	Director	15/07/2009	13/06/2008	18/01/2011	Active	NO
11	U67120MH2008PTC180620	SANRAJ NAYAN INVESTMENTS PRIVATE LIMITED	Director	5/8/2009	5/7/2008	-	Active	NO
12	U67120MH1992PTC065190	RUPA EQUITIES PRIVATE LIMITED	Director	29/09/2009	21/12/2008	-	Active	NO
13	U67120MH1992PTC065187	KAMALNAYAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	29/09/2009	21/12/2008	-	Active	NO
14	L45200MH1934PLC002346	HINDUSTAN HOUSING COMPANY LIMITED	Director	17/09/2009	15/01/2009	-	Active	NO
15	U51900MH1937PLC002724	JEEWAN LIMITED	Director	29/09/2009	9/4/2009	-	Active	NO
16	U24239MH1953PTC029952	BAJAJ SEVASHRAM PRIVATE LIMITED	Director	29/12/2009	3/6/2009	-	Active	NO
17	U18101MH1927PTC001298	BACHHRAJ AND COMPANY PRIVATE LIMITED	Director	29/09/2010	3/6/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.08.2011)

Names of Shareholders	No. of Shares
Rahulkumar Bajaj	850
Rajivnayan Bajaj	200
Sanjivnayan Bajaj	200
Bajaj Sevasharm Limited, India	950
Rahul Securities Private Limited, India	1995
Rupa Equities Private Limited, India	1995
Shekhar Holdings Private Limited, India	970
Madhur Securities Private Limited, India	980
Niraj Holdings Private Limited, India	949
Niraj Bajaj, Minal Bajaj, Shekhar Bajaj C/O Nirvanayan Trust	1
Jamnalal Sons Private Limited, India	910
Total	10000

(AS ON 30.09.2011)

Equity Share Breakup

Category	Percentage
Bodies corporate (not mentioned above)	87.00
Directors or relatives of directors	13.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Investment Company

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India
PAN No.:	AAAFD0907D
Other related parties :	· Bajaj Auto Limited · Bajaj Holdings and Investment Limited · Bajaj Finserv Limited · Bajaj Allianz Life Insurance Company Limited · Bajaj Allianz General Insurance Company Limited · Bajaj Finance Limited · Bajaj Auto Holdings Limited · Bajaj Sevashram Private Limited · Bachhraj and Company Private Limited · Bachhraj Factories Private Limited · Jeewan Limited · Rahul Securities Private Limited · Sanraj Nayan Investments Private Limited · Shishir Holdings Private Limited · The Hindustan Housing Company Limited

CAPITAL STRUCTURE

(AS ON 30.08.2011)

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
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.467	36.734	33.296
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.467	37.734	34.296
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.467	37.734	34.296
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		42.155	19.008	10.051
DEFERREX TAX ASSETS		0.000	0.000	0.002
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.089	0.100	0.087
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.087	0.118	0.047
	Other Current Assets	0.000	1.688	0.103
	Loans & Advances	0.149	16.838	24.097
Total Current Assets		0.325	18.744	24.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.013	0.018	0.011
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.080
Total Current Liabilities		0.013	0.018	0.091
Net Current Assets		0.312	18.726	24.243
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.467	37.734	34.296

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2008	31.03.2009
	SALES
		Dividend	4.274	1.903	4.172
		Interest - Gross	0.610	2.292	0.116
		Other Income	0.004	0.000	0.832
		TOTAL	4.888	4.195	5.120
Less	EXPENSES
		Increase/ Decrease in Stock	0.011	(0.013)	0.030
		Other Expenses	0.041	0.045	0.298
		TOTAL	0.052	0.032	0.328
	PROFIT BEFORE TAX		4.836	4.163	4.792
Less	TAX		0.120	0.725	0.080
	PROFIT AFTER TAX		4.716	3.438	4.712
	EXCESS PROVISION FOR TAX IN RESPECT OF EARLIER YEAR WRITTEN BACK		0.016	--	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.411	28.663	24.926
Less	APPROPRIATIONS
		Transfer to General Reserve	0.945	0.690	0.975
	BALANCE CARRIED TO THE B/S		35.198	31.411	28.663
	Earnings Per Share (Rs.)		473.00	344.00	471.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2008	31.03.2009
PAT / Total Income	(%)	110.34	81.95	92.03
Return on Total Assets (PBT/Total Assets}	(%)	1488.00	22.21	19.69
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.14
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		25.00	1041.33	267.41

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITY

Income Tax demand for which company has filed appeal with CIT (A) Current Year – Rs.0.082 Million. (Previous year Rs.0.082 Millions).

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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

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	NO
--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		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.