1. Summary Information

		Country	India
Company Name	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Principal Name 1	Mr. Sung KI Min
Status	Satisfactory	Principal Name 2	Mr. Lee Myung Keun
		Registration #
Street Address	No. G16 & 18, Sipcot Industrial Park, Irrungattukottal, Sriperumbudur Taluk, Kanchipuram District, Tamil Nadu – 602105, India
Established Date	01.07.1997	SIC Code	--
Telephone#	91-44-27156032	Business Style 1	Production of Auto components.
Fax #	91-44-27156016	Business Style 2	---
Homepage	Not Available	Product Name 1	---
# of employees	Not Available	Product Name 2	---
Paid up capital	Rs. 62958000	Product Name 3	---
Shareholders	Gestamp Toledo S. L, Spain	Banking	India Overseas Bank
Public Limited Corp.	--	Business Period	14 Years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (45)
Related Company
Relation	Country	Company Name
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,373,332,000	Current Liabilities	1,026,700,000
Inventories	351,002,000	Long-term Liabilities	1,066,831,000
Fixed Assets	0.000	Other Liabilities	0.000
Deferred Assets	55,809,000	Total Liabilities	2,093,531,000
Invest& other Assets	1,596,718,000	Retained Earnings	653,750,000
		Net Worth	1,283,330,000
Total Assets	3,376,861,000	Total Liab. & Equity	3,376,861,000
Total Assets (Previous Year)	1,648,417,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	5,771,078,000	Net Profit	128,498,000
Sales(Previous yr)	5,081,344,000	Net Profit(Prev.yr)	103,522,000

MIRA INFORM REPORT

Report Date :

04.06.2011

IDENTIFICATION DETAILS

Name :	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED
Formerly Known As :	JBM – SUNG WOO LIMITED (17.08.2009)
Registered Office :	No. G16 & 18, Sipcot Industrial Park, Irrungattukottal, Sriperumbudur Taluk, Kanchipuram District, Tamil Nadu – 602105
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.07.1997
Com. Reg. No.:	047905
Capital Investment / Paid-up Capital :	Rs. 629.580 Millions
CIN No.: [Company Identification No.]	U28910TN1997PLC047905
TAN No.: [Tax Deduction & Collection Account No.]	CHEJ02072A
PAN No.: [Permanent Account No.]	AAACJ2661H
Legal Form :	A Closely held public limited company
Line of Business :	Production of Auto components.
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 5133200
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 ususl 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	No. G16 & 18, Sipcot Industrial Park, Irrungattukottal, Sriperumbudur Taluk, Kanchipuram District, Tamil Nadu – 602105, India
Tel. No.:	91-44-27156032 (7 Lines)
Fax No.:	91-44-27156016
E-Mail :	kasturirsngan@tsal.in
Website :	Not Available

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Lee Myung Keun
Designation :	Director
Address :	2113, Hyndai Camel Iahaute U Dong, Haeundae-gu, Busan-3627705, Korea
Date of Birth/Age :	05.11.1945
Date of Appointment :	17.10.2001
Name :	Mr. Park Hee Keun
Designation :	Director
Address :	3-204 Saeun Apt 186-3 Boksan - dong, Jung-gu, Ulsan, 3800502, Korea
Date of Birth/Age :	14.09.1950
Date of Appointment :	28.03.2005
Name :	Mr. Francisco Jose Riberas Mera
Designation :	Director
Address :	16 Alfonso Xii St,, Madrid, 28014, , Spain
Date of Birth/Age :	01.06.1964
Date of Appointment :	04.02.2009
Name :	Mr. Francisco Lopez Pena
Designation :	Director
Address :	7 Buho Street,, Pozuela De Alarcon, Madrid, 28223, Spain
Date of Birth/Age :	05.03.1959
Date of Appointment :	04.02.2009
Name :	Mr. Sung KI Min
Designation :	Managing Director
Address :	First Floor, Maris Skai, 10, 1st Cross Street, Seethamma, Extension, Chennai-600 018, India
Date of Birth/Age :	24.10.1964
Date of Appointment :	01.12.2008
Name :	Mr. Alberto Conejo Moreno
Designation :	Director
Address :	Valle Del Pas, 26, 1B, Madrid - 28023, Spain
Date of Birth/Age :	28.08.1971
Date of Appointment :	04.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Gestamp Toledo S. L, Spain	31478800
Gestamp Servicios S. L. , Spain	50
Galvanizanizaciones Castellana S. A, Spain	50
Gestamp Linares S. A, Spain	50
Gestamp Palencia S. A, Spain	50
Total	31479000

AS ON 29.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Production of Auto components.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Licensed Capacity	Installed Capacity	Actual Production
	(MT)	(MT)	(NOS)
Sheet Metal Components	60000	48000	16620987

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

India Overseas Bank, Large Advances Branch, Irungattukottai, Sriperembudur – 602105, Tamil Nadu, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan From Banks	911.399	1191.428
Interest Accured and Due on Term Loans Note: Secured by first charge on all the Fixed Assets and current Assets of the company both present and future, on pari passu basis.	7.784	8.337
TOTAL	919.183	1199.766
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Sales tax deferral from Government of Tamil Nadu	147.648	147.648
TOTAL	147.648	147.648

Banking Relations :	---
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountant
Address :	2^nd Floor, TPL House, No. 3, Cenotaph Road, Taynampret Chennai – 600018, India
Tel. No.:	91-44-66328400
Fax No.:	91-44-24311450
Associates/Subsidiaries :	Gestamp Sungwoo Automotive (Chennai) Private Limited (Known as Global Stamping and Welding Automotive Private Limited)
Joint Venture Partner	Sungwoo Hitech Company Limited, Korea Tata AutoComp System Limited, Pune Gestamp Toldeo, Spain

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62958000	Equity Shares	Rs.10/- each	Rs. 629.580 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		629.580	129.580	129.580
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		653.750	525.251	453.803
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1283.330	654.831	583.383
LOAN FUNDS
1] Secured Loans		919.183	1199.766	1129.644
2] Unsecured Loans		147.648	147.648	147.648
TOTAL BORROWING		1066.831	1347.414	1277.292
DEFERRED TAX LIABILITIES		0.000	0.000	10.904
TOTAL		2350.161	2002.245	1871.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	1330.407	1280.960
Capital work-in-progress		1221.718	109.866	10.210
INVESTMENT		375.000	0.000	0.000
DEFERREX TAX ASSETS		55.809	22.257	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	351.002	360.112	367.589
	Sundry Debtors	821.352	447.711	388.982
	Cash & Bank Balances	355.950	62.464	129.760
	Other Current Assets	0.490	0.789	2.550
	Loans & Advances	195.540	222.990	133.063
Total Current Assets		1724.334	1094.066	1021.944
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	948.374	516.829	352.777
	Other Current Liabilities	72.445	34.145	42.718
	Provisions	5.881	3.377	46.040
Total Current Liabilities		1026.700	554.351	441.535
Net Current Assets		697.634	539.715	580.409
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2350.161	2002.245	1871.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5262.988	4466.946	4661.482
		Other Income	508.090	614.398	78.922
		TOTAL (A)	5771.078	5081.344	4740.404
Less	EXPENSES
		Cost of Good Sold	4457.155	3979.637	3713.598
		Personal Expenses	373.964	332.014	271.090
		Operating and other Expenses	217.275	206.260	108.900
		TOTAL (B)	5048.394	4517.911	4093.588
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		722.684	563.433	646.816
Less	FINANCIAL EXPENSES (D)		122.550	96.933	79.026
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		600.134	466.500	567.790
Less/ Add	DEPRECIATION/ AMORTISATION (F)		393.187	302.924	306.030
	PROFIT BEFORE TAX (E-F) (G)		206.947	163.576	261.760
Less	TAX (I)		78.449	60.054	95.472
	PROFIT AFTER TAX (G-I) (J)		128.498	103.522	166.288
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		455.356	362.185	303.505
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	455.356	362.185
		Dividend	0.000	0.000	16.626
		Proposed Final Dividend	0.000	0.000	13.213
		Interim Dividend - Paid	0.000	0.000	12.958
	BALANCE CARRIED TO THE B/S		583.855	465.708	469.774
	IMPORTS
		Raw Materials	227.391	282.593	489.067
		Consumables	1.501	1.897	0.893
		Capital Goods	83.987	318.040	383.948
		Hardware	58.237	62.230	52.137
		Machinery and maintenance spares	6.416	23.483	20.339
	TOTAL IMPORTS		377.532	688.243	946.384
	Earnings Per Share (Rs.)		2.75	7.99	12.83

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.22	2.03	3.50
Net Profit Margin (PBT/Sales)	(%)	3.58	3.21	5.52
Return on Total Assets (PBT/Total Assets}	(%)	12.00	14.96	25.61
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.44
Debt Equity Ratio (Total Liability/Networth)		0.80	0.84	0.75
Current Ratio (Current Asset/Current Liability)		1.67	1.97	2.31

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCES ANALYSIS

The Gross Revenue of the company during the year 2009-10 was Rs 5771.080 Millions against Rs 5081.350 Millions for the year 2008-09 reflecting a growth of 13.57%.

BACKGORUND

Sungwoo Gestamp Hitech (Chennai) Limited, (erstwhile Technical Stampings Automotive Limited) ("SGHCL" or "the Company") is a joint venture, with equal equity participation, between Gestamp Servicions, S.L ('Gestamp') and Sungwoo Hi-Tech Company Limited, South Korea ('Sungwoo'). Established in July 1997, the company was a 5050 joint venture between Tata Auto Comp Systems Limited (TACO) and Sungwoo Hitech Company Limited (Sungwoo) before Gestamp bought out TACO'S stake in the company on February 9, 2009.

The Company is primarily engaged in the production of auto components (pressed and assembled steel parts) for Hyundai Motor India Limited ('HMIL'), Chennai from its manufacturing unit located at Irungattukottai, Sriperumbudur, Tamil Nadu.

Fixed Assets:

• Leasehold Land
• Buildings
• Plant and Machinery
• Computer
• Vehicles

Corporate identity number of the company	U28910TN1997PLC047905
Name of the company	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED
Address of the registered office or of the principal place of business in India of the company	NO.G16 & 18, SIPCOT INDUSTRIALPARK IRRUNGATTUKOTTAI, SRIPERUMBUDUR TALUK, KANCHIPURAM DISTRICT Tamil Nadu - 602105 INDIA kasturirangan@tsal.in
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Large Advances Branch, Irungattukottai, Sriperembudur, Tamil Nadu – 602105, India irungbr@kansco.iobnet.co.in
Nature of instrument creating charge	Charge on the immovable property offered in addition to the securities earlier offered by way of EM.
Date of instrument Creating the charge	03.09.2010
Amount secured by the charge	1215.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 11.25% Terms of Repayment: 13 quarterly instalments for term Loan No IV. Terms of repayment varies from facility to facility. Margin: 25.37% Extent and Operation of the charge: First charge on entire fixed assets of the company present & future on pari passu basis with HDFC bank
Short particulars of the property charged	Providing additional security to the charge already created. 9.88 acres of land at plot nos.G17&G18 at SIPCOT Industrial Park,Irungattukottai, Kancheepuram Dist & 4.94 acres of land at Plot No.G16 at at SIPCOT Industrial Park,Irungattukottai,Kancheepuram dist.

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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.