MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	SONNAX INDUSTRIES, INC.

Registered Office :	1 Automatic Drive, Bellows Falls Vt 05101

Country :	United States

Date of Incorporation :	07.01.1983

Legal Form :	Corporation for Profit

Line of Business :	Automobile Parts and Supplies

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 750,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Difficult

IDENTIFICATION

Ordered as:	Sonnax Ind Inc
Address in the order:	P O Box 440, 1 Automatx Drive, Bellows Falls Vermont 05101-0440

Legal Name:	SONNAX INDUSTRIES, INC.
Trade Name:	SONNAX
Legal Address	1 Automatic Drive, Bellows Falls Vt 05101, USA

Telephone:	(802) 463-9722	ID :	V-31428-0
Fax:	(802) 463-8164	Legal Form:	Corporation for Profit
Email:	info@sonnax.com	Registered in:	Vermont
Website:	http://www.sonnax.com/	Date Created:	1978
Manager:	Tommy Harmon, President	Date Incorporated:	January 7th, 1983
Staff:	152	Stock:	NA
		Value:	NA
Activity:	Automobile Parts and Supplies

BANKS

Name of the Bank	BANK OF VERMONT
Location	149 BANK ST # 949 BURLINGTON VT 05401- 4410

BUSINESS

HISTORY
	The company was created in 1978. The company was acquired by Tommy Harmon and Rick Fritz in 2005.
PRINCIPAL ACTIVITY
	The company is engaged in Automobile Parts and Supplies.
Products/Services description:
	The company designs, manufactures and distributes replacement components for automatic transmissions, torque converters, drive shafts and related products.
Sales are:
	Wholesale
Brands:
	TASC Force.
Clients:
	Harley Davidson. Professionals of the industry.
Operations area:
	National, International
The company export to worldwide, depending on the demand
The subject employs 152 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	1 Automatic Drive, Bellows Falls, Vermont 05101-0440, USA
Comments on location:
	Headquarters and operative location.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is privately held. The major shareholders appear to be Tommy Harmon and Rick Fritz. Some employees are minor shareholders.
Management:
	Tommy Harmon, President Eleanora Patterson, Vice President Rick Fritz, Director

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company that refused to provide us any financial data without knowing the name of the inquiring party.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Comments on the financial data: The company`s estimated annual revenue is between USD 50 and 100 million.

Legal Fillings

There are 2 UCC** files listed with the Secretary of State of Vermont.

There are no legal filings listed with the District Court.

The last annual report was filed on 09/30/2010.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a medium sized American company. It employs 152 people and has been in business for 32 years.

A credit line may be considered for USD 750,000

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Person Interviewed
	Operator
Comments
	We left several messages which kept unanswered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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

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.