MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	BLACKBERRY OVERSEAS PRIVATE LIMITED

Registered Office :	110, Bose Para Road, Kolkata-700008, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	14.05.2010

Com. Reg. No.:	21-147880

Capital Investment / Paid-up Capital :	Rs. 0.750 Million

CIN No.: [Company Identification No.]	U51909WB2010PTC147880

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Importer of Bathroom Accessories and Fittings

No. of Employees :	23 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 11000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a relatively new company having moderate track. The financial position of the company is not healthy. Mr. Subbanshu Jain, the managing director has provided both general and few financial details. Trade relations are reported as improving. Business is active. Payments terms are slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Subbanshu Jain
Designation :	Director
Contact No.:	91-9873230096
Date :	23.11.2012

LOCATIONS

Registered Office :	110, Bose Para Road, Kolkata-700008, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9873230096 (Mr. Subhanshu Jain)
Fax No.:	Not Available
E-Mail :	arunkguptafca@yahoo.in
Location :	Owned

Corporate Office :	G-11, North Square Mall, Netaji Subhash Palace, Pitampura, Delhi-110034, Delhi, India
Tel. No.:	91-11-43050973/47717169

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Shabbir Husain Taiyeb Ali Vakanerwala
Designation :	Director
Address :	91, Pakmodia Street, Husainyah Marg, 4^th Floor, R-34, Adamji Peerbhai Chowk, Mumbai-400003, Maharashtra, India
Date of Birth/Age :	30.11.1974
Date of Appointment :	17.06.2010
Date of Cessation :	03.01.2012
DIN No.:	02718080

Name :	Mr. Asif Husain Abbasali Sojar
Designation :	Director
Address :	Rajiya Building, Near Babla Hotel, Jammohalla, Bhusawal District, Jalgaon-425201, Maharashtra, India
Date of Birth/Age :	12.04.1966
Date of Appointment :	14.05.2010
Date of Cessation :	03.01.2012
DIN No.:	03018853

Name :	Mr. Subbanshu Jain
Designation :	Director
Address :	1503, Kuncha Seth, Dariba Kalan, Delhi-110006, India
Date of Birth/Age :	27.07.1990
Date of Appointment :	14.05.2010
DIN No.:	03018860

Name :	Ms. Nikita Jain
Designation :	Director
Date of Appointment :	07.06.2010
DIN No.:	03068362

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Subbanshu Jain	7500
Nikita Jain	7500
Sunil Jain	3334
Mamta Jain	3333
Sunil and Sons HUF	3333
OPA Distributors Private Limited	20000
KPR Exim Private Limited	8000
Keshav Traders Private Limited	7000
Baba Balk Nath Agencies	8000
Faridkot Exim Private Limited	7000
TOTAL	75000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	33.00
Others	67.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Bathroom Accessories and Fittings

Imports :
Products :	· Bathroom Accessories
Countries :	· Italy · China · Belgium

Terms :
Selling :	Cash, Credit

Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :	· Dekundt, Belgium

Customers :	Retailers and Building Constructor · Ankur Ceramic

No. of Employees :	23 (Approximately)

Bankers :	· ICICI Bank · HDFC Bank


Banking Relations :	--

Auditors :
Name :	Arun Kumar Gupta Chartered Accountant
Address :	15, Abdul Fazal Road, Near Bengali, New Delhi-110001, India
PAN No.:	AAGPG0661B

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

75000	Equity Shares	Rs.10/- each	Rs. 0.750 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.750
2] Share Application Money		2.000
3] Reserves & Surplus		0.085
4] (Accumulated Losses)		0.000
NETWORTH		2.835
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		8.681
TOTAL BORROWING		8.681
DEFERRED TAX LIABILITIES		0.000
Share Premium		4.750

TOTAL		16.266

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1.444
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.011

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.590
	Sundry Debtors	6.879
	Cash & Bank Balances	3.731
	Other Current Assets	0.827
	Loans & Advances	3.275
Total Current Assets		29.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.491
	Other Current Liabilities
	Provisions	0.000
Total Current Liabilities		14.491
Net Current Assets		14.811

MISCELLANEOUS EXPENSES		0.000

TOTAL		16.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	26.234
		Other Income
		TOTAL	26.234

Less	EXPENSES
		Office Expenses	26.233
		Administrative Expenses
		Advertising Expenses
		TOTAL	26.233

	PROFIT / (LOSS) BEFORE TAX		0.091

Less	TAX		0.006

	PROFIT / (LOSS) AFTER TAX		0.085

	Earnings Per Share (Rs.)		1.13

Particulars

31.03.2012

Sales Turnover (Approximately)

30.000

Expected Sales (2012-2013) : Rs. 80.000 Millions

The above information has been parted by Mr. Subbanshu Jain.

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.32

Return on Total Assets (PBT/Total Assets}	(%)	0.30

Return on Investment (ROI) (PBT/Networth)		0.03

Debt Equity Ratio (Total Liability/Networth)		8.17

Current Ratio (Current Asset/Current Liability)		2.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last one years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCES

· Ankur Ceramic

· Dekundt, Belgium

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. 55.69
UK Pound	1	Rs. 89.19
Euro	1	Rs. 72.10

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		28

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.

MIRA INFORM REPORT

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