MIRA INFORM REPORT

Report Date :

11.05.2007

IDENTIFICATION DETAILS

Name :	THAI SUMMIT NEEL AUTO PRIVATE LIMITED
Registered Office :	Neel House Lado Sarai, Opposite Qutab Minar, New Delhi – 110030
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	02.12.2003
Com. Reg. No.:	55-123285
CIN No.: [Company Identification No.]	U34300DL2003PTC123285
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Supply of Automotive Components Primarily for Two Wheelers and Explore the order Trade Opportunities between India and Thailand.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 280000
Status :	New Company
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture of JBM Group, India and Thail Summit Group. Promoters are financially strong and experienced industrialists. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions with slight caution, initially

LOCATIONS

Registered Office :	Neel House Lado Sarai, Opposite Qutab Minar, New Delhi – 110030
Tel. No.:	91-11-29522570
Fax No.:	91-11-29521512
Factory 1 :	Plot No. 1 & 6, TVS Industries Estate, Hosur – 635126, Karnataka
Factory 2 :	Behrampur Industrial Area, Begampur, Khatola Road, Village Khandsa, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-5199500
E-mail :	aupadhya@tsneel.com aupandhya@jbm.co.in
Website :	http://www.tsneel.com

DIRECTORS

Name :	Mr. Arya Kumar Surendra
Designation :	Director
Address :	W – 101, Greater Kailash Part – II, New Delhi – 110048
Date of Birth/Age :	10^th November, 1957
Date of Appointment :	2^nd December, 2003
Name :	Ms. Arya Esha
Designation :	Director
Address :	W – 101, Greater Kailash Part – II, New Delhi – 110048
Date of Birth/Age :	16^th March, 1982
Date of Appointment :	2^nd December, 2003
Name :	Mr. Swaroop Anand
Designation :	Director
Address :	C – 5A/ 14, Second Floor, Janakpuri, New Delhi – 110058
Date of Birth/Age :	7^th October, 1960
Date of Appointment :	15^th December, 2003
Name :	Mr. Gupta Bhusan Bharat
Designation :	Director
Address :	L – 19/17, Ground Floor, DLF – Phase – III, Gurgaon – 122002
Date of Birth/Age :	16^th October, 1955
Date of Appointment :	15^th December, 2003
Name :	Mr. Juangrrongruangkit Somporn
Designation :	Director
Address :	157, Moo – 9, Dokmai Pravej – Bankok
Date of Birth/Age :	1951
Date of Appointment :	15^th December, 2003
Name :	Mr. Juangrrongruangkit Thanathorn
Designation :	Director
Address :	157, Moo – 9, Dokmai Pravej – Bankok
Date of Birth/Age :	25^th November, 1978
Date of Appointment :	15^th December, 2003
Name :	Mr. Lelanpaparn Channarong
Designation :	Director
Address :	69/67, Moo – 3, Pravei – Bankok
Date of Birth/Age :	22^nd November, 1952
Date of Appointment :	15^th December, 2003
Name :	Mr. Upadhya Ashok
Designation :	Chief Operating Officer 91-124-3097603
Address :	Flat – 614, South City Height, South City – Phase – 1, Guragaon – 122001
Date of Birth/Age :	24^th January, 1959
Date of Appointment :	28^th September, 2004
Name :	Mr. Chantayo Pongthep
Designation :	Director
Address :	Flat No. 618, South City Height, South City – Phase – 1, Guragaon – 122001
Date of Birth/Age :	16^th March, 1979
Date of Appointment :	4^th June, 2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Arya Kumar Surendra	35000
Ms. Arya Esha	1000
M/s. ANS Holding Company	2307500
M/s. JBM International Limited	2307500
M/s. A to Z Securities Limited	2307500
M/s. Thai Summit Autoparts Industry Company Limited	1397500
Mrs. Somporn Juangroongruangkit	2795000
Ms. Chanapun Juangroongrugkit	1397500
Mr. Thanathom Juangrounage	1397500
Mrs. Neelam Arya	29000

BUSINESS DETAILS

Line of Business :	Manufacturing and Supply of Automotive Components Primarily for Two Wheelers and Explore the order Trade Opportunities between India and Thailand.
Products :	Sheet Metal Components – 870880

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Sheet Metal Components	M.T.	2500

GENERAL INFORMATION

Bankers :	--
Facilities :	Secured Loan Citicorp – Versa Car Loan – 0.349 Interest Accrued but not due – 0.002

Banking Relations :	Satisfactory
Auditors :
Name :	Sahni Natarajan & Bahl Chartered Accountant
Address :	303, Mansarovar, 90, Nehru Place, New Delhi – 110019
Tel. No.:	91-11-26484835/26434959/26433003
Fax No.:	91-11-26485081
E-Mail :	snb@snbindia.com
Associates/Subsidiaries :	v Champion Engineering Works v STJ Electronics Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- Each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,970,000	Equity Shares	Rs. 10/- Each	Rs. 49.700 Millions
	Shares Application Money		Rs. 20.449 Millions
	Total		Rs. 70.149 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		70.149	10.200
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		70.149	10.200
LOAN FUNDS
1] Secured Loans		0.352	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.352	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		70.501	10.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.352	0.000
Capital work-in-progress		52.155	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.983	0.000
	Sundry Debtors	0.276	0.000
	Cash & Bank Balances	7.102	10.130
	Other Current Assets	0.000	0.000
	Loans & Advances	7.147	0.000
Total Current Assets		15.508	10.130
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	14.558	0.000
	Provisions	0.000	0.000
Total Current Liabilities		14.558	0.000
Net Current Assets		0.950	10.130
MISCELLANEOUS EXPENSES		14.044	0.070
TOTAL		70.501	10.200

KEY RATIOS

PARTICULARS	31.03.2005	31.03.2004
Debt Equity Ratio (Total Liability/Networth)	0.21	--
Current Ratio (Current Asset/Current Liability)	1.06	--

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

v Computer

v Air Conditioners

v Furniture & Fixture

v Vehicles

v Office Equipment

Project

The company is a joint venture company, promoted by JBM Group, India Thai Summit Group, Thailand for Manufacturing and supply of automotive components primarily for two wheelers and explore the other trade opportunities between India and Thailand. The company had set up its manufacturing facilities at Behrampur Industrial Area, Begampur Khatola Road, Village Khandsa Gurgaon. The company had incurred a capital expenditure of Rs. 55.994 Millions at these facilities as on 31^st March, 2005

The company had received Rs. 70.000 Millions towards equity contribution from the JV Partners since the company was in project stage till 31^st March, 2005, no profit and loss account had been prepared. The company had incurred an amount of Rs. 14.041 Millions as preliminary and pre – operative expenses till 31^st March, 2005

The company has commenced its commercial production w.r.f. 15.04.2005 M/S. Honda Motorcycles and Scooters India Private Limited is one of the prestigious customer of the company and the company is supplying parts to HMSI

Business Scenario

The automobile sector in India continues to perform well in the FY 2004 – 2005 and scaled new heights by reporting all – time high sales number during this period. The sales of two wheelers grew by 16.81%. The sales of Commercial vehicles grew by 25.52% and sales of Passenger vehicles grew by 19.03 during the fiscal 2004 – 2005

It is expected that the growth trend is likely to continued. The sales of two wheelers in 1^st Quarter of current financial year 2005 – 2006 had been grown 18.94%

Expansion/ New Project

The company is expanding its operation and is in discussion with different two wheelers, manufacturer. The company had already finalized a major business with M/s. Bajaj Auto Limited, the second largest two wheelers manufacturer in India for supply of petrol tanks. The company is in advance stage of implementation of this project and had already acquired land at Chakan, Pune and shall start civil construction thereat very soon as per plan. Apart from this the company is also in active negotiations with other major OEMs.

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 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.41.34
UK Pound	1	Rs.81.81
Euro	1	Rs.55.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	-
--CREDIT LINES	1~10	6
--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		26

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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