MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	BORDER HOLDINGS (U.K.) LTD.

Registered Office :	The Grove Craven Arms, SY7 8DA

Country :	United Kingdom

Financials (as on) :	31.03.2013

Date of Incorporation :	15.09.1982

Com. Reg. No.:	01664243

Legal Form :	Private Parent

Line of Business :	Wholesalers of land rover vehicle parts and accessories

No. of Employees :	221

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

Company name and address

BORDER HOLDINGS (U.K.) LTD.

The Grove


Craven Arms, SY7 8DA
United Kingdom
(Trading Address) Registered Address
Map

Tel:	01588 672711
Fax:	01588 672660

Employees:	221
Company Type:	Private Parent
Corporate Family:	3 Companies

Quoted Status:	Non-quoted Company
Incorporation Date:	15-Sep-1982
Auditor:	Ernst & Young LLP


Fiscal Year End:	31-Mar-2013
Reporting Currency:	British Pound Sterling
Annual Sales:	85.1 ¹
Net Income:	7.7
Total Assets:	104.3

Business Description

Border Holdings (U.K.) Ltd. is one of the largest, independently held wholesalers of Land Rover vehicle parts and accessories in the United Kingdom. The company stocks and sells a range of o-rings, oil seals, engines, filters, gearboxes and exhaust systems. It provides several accessories, including wheel hubs, roof racks, silicone hoses, luggage boxes, light conversion and mounting kits, and front and rear deflectors. The company also maintains a trim shop for the production of handmade seats, seat covers and benches for SUVs and passenger vehicles. It offers a variety of towing and air suspension equipment that includes polyurethane bush fitting tools and heavy-duty shock absorbers. The company serves the public and private sectors, government agencies and automotive parts retailers. In addition, it operates a state-of-the-art warehouse and offers technical support services. The company maintains a fleet of vans and trucks to supply products to the national and international markets.

Industry

Industry	Motor Vehicle and Parts Dealers
ANZSIC 2006:	3921 - Motor Vehicle Parts Retailing
ISIC Rev 4:	4530 - Sale of motor vehicle parts and accessories
NACE Rev 2:	4532 - Retail trade of motor vehicle parts and accessories
NAICS 2012:	441310 - Automotive Parts and Accessories Stores
UK SIC 2007:	4532 - Retail trade of motor vehicle parts and accessories
US SIC 1987:	5531 - Auto and Home Supply Stores

Key Executives

Name	Title
Anthony John Overs	Secretary
David Philip Beddow	Director
Trevor Jordan	Director
Paul Myers	Director

Key IDSM Number: c42275274

Registered No.(UK): 01664243

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6329098

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6591356

Corporate Overview

Location
The Grove
Craven Arms, SY7 8DA
Shropshire County
United Kingdom

Tel:	01588 672711
Fax:	01588 672660

www.britpart.com

Sales GBP(mil):	53.8
Assets GBP(mil):	68.7
Employees:	221
Fiscal Year End:	31-Mar-2013


Industry:	Retail (Specialty)

Registered Address:
The Grove
Craven Arms, SY7 8DA
United Kingdom

Incorporation Date:	15-Sep-1982
Company Type:	Private Parent
Quoted Status:	Not Quoted
Previous Name:	Border Supply Co. Ltd.
Registered No.(UK):	01664243


Director:	David Philip Beddow

Industry Codes

ANZSIC 2006 Codes:
3921	-	Motor Vehicle Parts Retailing

ISIC Rev 4 Codes:
4530	-	Sale of motor vehicle parts and accessories

NACE Rev 2 Codes:
4532	-	Retail trade of motor vehicle parts and accessories

NAICS 2012 Codes:
441310	-	Automotive Parts and Accessories Stores

US SIC 1987:
5531	-	Auto and Home Supply Stores

UK SIC 2007:
4532	-	Retail trade of motor vehicle parts and accessories

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Business Description

More Business Descriptions

Manufacture and distribution of motor vehicle parts, farming and the provision of cold storage and warehousing facilities.

Automobile Parts Stores

Car Accessories and Parts

Britpart offers the most competitive prices for Land Rover parts and accessories in the UK. Through years of skilful buying, we know that cheapest, in the long run, is not always the best option. Price and quality need to be balanced. Quality Products Britpart is assessed to the high quality standards of the Lloyds Quality Assurance BS EN ISO 9001:2008. This means that rigorous quality controls are in place to ensure that every product leaving our warehouse meets the most stringent standards. Customer Service Britpart has an enthusiastic and highly knowledgable team so that you deal with people who have in-depth knowledge of the business. In addition to major government contracts, we successfully support individual parts retailers, supplying spares for Land Rovers including Defender, Range Rover, Discovery and Freelander. Prompt Delivery Britpart operates from a state-of-the-art distribution warehouse where orders are packed and dispatched in the fastest possible time, using the latest computerised warehousing technology. Stock Availability Britpart has the largest stock holding of original quality parts for Land Rovers in the UK. We are able to fulfil substantial orders quickly from stock, for all our customers, UK, Europe or International, public or private sector.

Financial Data

Financials in:	GBP(mil)

Revenue:	53.8
Net Income:	4.8
Assets:	68.7
Current Assets:	48.7
Fixed Assets:	20.1
Long Term Debt:	0.4
Total Liabilities:	13.4
Issued Capital:	0.0
Working Capital:	35.7
Net Worth:	55.3

Date of Financial Data:	31-Mar-2013

1 Year Growth

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Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Hsbc Bank PLC

Auditor:	Ernst & Young LLP

Auditor History
Ernst & Young LLP	31-Mar-2013

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	03-31-2013

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Border Holdings (U.K.) Ltd.	Parent	Craven Arms	United Kingdom	Motor Vehicle and Parts Dealers	85.1	221
Border Holdings UK Ltd.	UK Branch/Trading address	Bristol	United Kingdom	Storage and Warehousing	85.1	4
Brit-Part UK Ltd.	Subsidiary	Craven Arms	United Kingdom	Miscellaneous Professional Services

Executives Report

Board of Directors

Name

Title

Function

David Philip Beddow

Director

Director/Board Member

Age: 65

Trevor Jordan

Director

Director/Board Member

Age: 58

Paul Myers

Director

Director/Board Member

Age: 46

Executives

Name

Title

Function

Anthony John Overs

Secretary

Company Secretary

Age: 55

David Philip Beddow

Director

Other

Age: 65

Directors and Shareholders Report

Main Office Address:
The Grove
Craven Arms
United Kingdom SY7 8DA

Tel: 01588 672711
Fax: 01588 672660
URL: http://www.britpart.com

Annual Return Date: 24 Feb 2013
Total Issued Capital (GBP 000): 10

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
David Philip Beddow	Current	12 Oct 1948	The Spring Upper Spring Lane, Kenilworth, Warwickshire CV8 2JR	24 Feb 1992	NA	Current:2 Previous:1 Disqualifications:0
Paul Myers	Current	02 Jul 1967	The Grove, Craven Arms, Lydbury North, Shropshire SY7 8DA	07 Sep 2007	NA	Current:1 Previous:0 Disqualifications:0
Anthony John Overs	Current	05 Dec 1957	The Grove, Craven Arms, Lydbury North, Shropshire SY7 8DA	12 Apr 2013	NA	Current:1 Previous:0 Disqualifications:0
Trevor Jordan	Current	06 Jan 1955	The Grove, Craven Arms, Lydbury North, Shropshire SY7 8DA	24 Feb 1992	NA	Current:1 Previous:0 Disqualifications:0
Marcus Lee Griffiths	Previous	12 Sep 1959	33 Henlow Rise, Radbrook Green, Shrewsbury, Shropshire SY3 6BJ	24 Feb 1992	24 Feb 1995	Current:0 Previous:2 Disqualifications:0
Kim Beddow	Previous	25 Apr 1979	The Spring Upper Spring Lane, Kenilworth, Warwickshire CV8 2JR	24 Jun 1997	06 Sep 2002	Current:0 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Anthony John Overs	Current	NA	The Grove, Craven Arms, Lydbury North, Shropshire SY7 8DA	24 Feb 1992	NA	Current:2 Previous:0 Disqualifications:0
Paul David Moore Myers	Previous	02 Jul 1967	Westwinds Spion Kop, Thorner, Leeds, West Yorkshire LS14 3EB	20 Sep 2005	23 Sep 2005	Current:0 Previous:1 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
David Philip Beddow	9999 Ordinary GBP 1.00	Ordinary	9,999	1.00	9,999.00	99.98
David Philip Beddow	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	<0.01
Trevor Edward Jordan	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	<0.01

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

	31-Mar-2013
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate (Period Average)	0.63291
Consolidated	No

Total Turnover	85.1
Total Expenses	79.3
Depreciation	0.7
Other Income	4.4
Interest Paid	0.0
Exceptional Income	0.0
Discontinued Operations	0.0
Profit Before Taxes	10.1
Tax Payable / Credit	2.4
Extraordinary Items/Debits	0.0
Dividends	0.0
Profit After Taxes	7.7
Minority Interests (Profit & Loss)	0.0
Audit Fees	0.0
Non Audit Fees	0.0
Number of Employees	221
Wages	8.1
Social Security Costs	0.6
Other Pension Costs	0.0
Employees Remuneration	8.8
Directors Remuneration	1.3
Highest Paid Director	0.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013
Filed Currency	GBP
Exchange Rate	0.659136
Consolidated	No

Land & Buildings	28.3
Fixtures & Fittings	0.4
Plant & Vehicles	1.6
Total Tangible Fixed Assets	30.3
Intangible Assets	0.0
Investments	0.1
Total Fixed Assets	30.5
Total Stocks Work In Progress	37.8
Trade Debtors	19.0
Other Debtors	1.1
Total Debtors	20.1
Cash and Equivalents	15.8
Other Current Assets	0.0
Total Current Assets	73.8
Total Assets	104.3
Trade Creditors	8.9
Director Loans (Current Liability)	7.8
Accruals/Deferred Income (Current Liability)	1.8
Corporation Tax	1.0
Other Current Liabilities	0.3
Total Current Liabilities	19.7
Group Loans (Long Term Liability)	0.0
Director Loans (Long Term Liability)	0.0
Hire Purchase (Long Term Liability)	0.0
Leasing (Long Term Liability)	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0
Other Long Term Loans	0.6
Accruals/Deferred Income (Long Term Liability)	0.0
Other Long Term Liabilities	0.0
Total Long Term Liabilities	0.6
Deferred Taxation	0.0
Other Provisions	0.0
Total Provisions	0.0
Issued Capital	0.0
Share Premium Accounts	0.0
Revaluation Reserve	19.2
Retained Earnings	64.7
Other Reserves	0.0
Minority Interests (Balance Sheet)	0.0
Total Shareholders Funds	83.9
Net Worth	83.9

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate (Period Average)	0.63291
Consolidated	No

Net Cash Flow From Operating Activities	6.0
Net Cash Flow from ROI and Servicing of Finance	0.2
Taxation	-3.3
Capital Expenditures	-1.5
Acquisitions and Disposals	0.0
Paid Up Equity	0.0
Management of Liquid Resources	0.0
Net Cash Flow From Financing	-0.3
Increase in Cash	1.1

Annual Ratios

Financials in: USD (mil)

	31-Mar-2013
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate	0.659136
Consolidated	No

Current Ratio	3.75
Liquidity Ratio	1.83
Stock Turnover	216.00
Credit Period (Days)	8,497.00
Working Capital by Sales	6,627.00%
Trade Credit by Debtors	47.00
Return on Capital	1,143.00%
Return on Assets	927.00%
Profit Margin	1,184.00%
Return on Shareholders Funds	1,152.00%
Borrowing Ratio	1,001.00%
Equity Gearing	8,049.00%
Debt Gearing	0.72%
Interest Coverage	25,492.00
Sales by Tangible Assets	269.00
Average Remuneration per Employee	0.0
Profit per Employee	0.0
Sales per Employee	0.4
Capital Employed per Employee	0.4
Tangible Assets per Employee	0.1
Total Assets per Employee	0.5
Employee Remuneration by Sales	1,032.00%
Creditor Days (Cost of Sales Based)	3,960.00
Creditor Days (Sales Based)	3,960.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

NIS

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	--

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%)

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.