MIRA INFORM REPORT

Report Date :

30.03.2011

IDENTIFICATION DETAILS

Name :	S.N.E. (INDIA) PRIVATE LIMITED
Registered Office :	C-177, Maya Puri Industrial Area, Phase II, New Delhi – 110064, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.02.1998
Com. Reg. No.:	55-092302
CIN No.: [Company Identification No.]	U32109DL1998PTC092302
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of all types of sheet metal components (ferrous and non ferrous), rubber, plastic molded parts etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 81000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established manufacturer, exporter and supplier of wiring harnesses and auto electric components. 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 usual 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 :	C-177, Maya Puri Industrial Area, Phase II, New Delhi – 110064, Delhi, India
Tel. No.:	91-11-28116063
Fax No.:	91-11-28117512
E-Mail :	chanderp2003@yahoo.co.in

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Radhey Shyam Sharma
Designation :	Director
Address :	A-503, Mohinder Apprt, Vikas Puri, New Delhi, Delhi, India
Date of Birth/Age :	03.11.1955
Date of Appointment :	18.02.1998
Name :	Mr. Vijay Kr. Sharma
Designation :	Director
Address :	A-40, Neel Kamal, Housing Society, Vikas Puri, New Delhi, Delhi, India
Date of Birth/Age :	16.06.1956
Date of Appointment :	18.02.1998
Name :	Mr. Nariner Pal Singh
Designation :	Director
Address :	61/1, Ashok Nagar, New Delhi, Delhi, India
Date of Birth/Age :	02.02.1958
Date of Appointment :	18.02.1998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Radhey Shyam Sharma	227290
Vijay Kr. Sharma	203690
Narinder Pal Singh	272690
Praveen Sharma	121200
Pinky Sharma	73300
Manjit Suddan	78500
Total	976670

AS ON 30.09.2010

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	0.00
Bodies corporate	0.00
Directors or relatives of Directors	100.00
Other top fifty shareholders	0.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of all types of sheet metal components (ferrous and non ferrous), rubber, plastic molded parts etc.

GENERAL INFORMATION

Bankers :

• Bank of Baroda, Kirti Nagar, New Delhi – 110015, Delhi, India
• CITI Bank
• ICICI Bank
• Syndicate Bank OSL
• Syndicate Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
CITI Bank (Secured against Car Loan )	0.346	0.483
ICICI Bank (Car Loan)	0.157	0.238
ICICI Bank (Car Loan I-10)	0.272	0.320
ICICI Bank (Car Loan – Accord)	1.150	1.358
ICICI Bank (New Car Loan )	0.591	0.759
Syndicate Bank OSL (Secured Against Machinery)	0.000	0.398
Syndicate Bank OSL (Secured Against Machinery ) (New)	3.866	4.896
Syndicate Bank (Cash Credit against stock and Book Debts)	16.134	17.133
Total	22.516	25.585
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan from Directors and Shareholders	6.447	3.742
Loan from other Banks	3.836	5.947
Total	10.283	9.689

Banking Relations :	--
Auditors :
Name :	Chander Parkash And Company Chartered Accountant
Address :	207, Padma Tower, 22 Rajendra Place, New Delhi – 110008, Delhi, India
Tel. No.:	91-11-25731059 / 25731060 / 41539570
Fax No.:	91-11-25741070
E-Mail:	chanderp2003@yahoo.co.in

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
976670	Equity Shares	Rs.10/- each	Rs. 9.767 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		9.766	6.766	5.766
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.577	1.312	1.218
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.343	8.078	6.984
LOAN FUNDS
1] Secured Loans		22.516	25.585	30.053
2] Unsecured Loans		10.283	9.689	7.118
TOTAL BORROWING		32.799	35.274	37.171
DEFERRED TAX LIABILITIES		0.000	0.011	0.093
TOTAL		53.142	43.363	44.248
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.745	22.247	18.260
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		0.115	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.592	27.510	23.534
	Sundry Debtors	13.789	18.636	19.556
	Cash & Bank Balances	0.994	1.020	0.158
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.973	5.255	4.791
Total Current Assets		60.348	52.421	48.039
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	27.692	30.854	21.641
	Provisions	0.404	0.501	0.444
Total Current Liabilities		28.096	31.355	22.085
Net Current Assets		32.252	21.066	25.954
MISCELLANEOUS EXPENSES		0.026	0.046	0.030
TOTAL		53.142	43.363	22.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	114.336	92.369	102.670
		Other Income
		TOTAL (A)	114.336	92.369	102.670
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	113.783	91.825	102.044
		Interest
		Depreciation
		TOTAL	113.783	91.825	102.044
	PROFIT BEFORE TAX		0.583	0.544	0.626
Less	TAX		0.247	0.421	0.385
	PROFIT AFTER TAX		0.306	0.123	0.241
	IMPORTS
		On Trading Goods	333.111	1092.189	0.415
	TOTAL IMPORTS		333.111	1092.189	0.415
	Earnings Per Share (Rs.)		0.43	0.20	0.42

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.26	0.13	0.23
Net Profit Margin (PBT/Sales)	(%)	0.50	0.58	0.60
Return on Total Assets (PBT/Total Assets}	(%)	0.71	0.72	0.94
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.08
Debt Equity Ratio (Total Liability/Networth)		2.99	8.24	8.48
Current Ratio (Current Asset/Current Liability)		2.14	1.67	2.17

LOCAL AGENCY FURTHER INFORMATION

Form : 8

Corporate identity number of the company	U32109DL1998PTC092302
Name of the company	S. N. E. (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-177 Maya Puri Industrieal Area, Phase-Ii, New Delhi, Delhi, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Kirti Nagar, New Delhi – 110015, Delhi, India
Nature of instrument creating charge	Memorandum of Entry and Letter of Confirmation of Creation/Extension of Mortgage dated 08.01.2011
Date of instrument Creating the charge	08/01/2011
Amount secured by the charge	Rs. 35.914 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : As applicable to various Credit facilities granted to the company Terms of repayment : As applicable to various Credit facilities granted to the company Margin : As applicable to various Credit facilities granted to the company Extent and operation of the charge : 100% Other : To secure all amounts payable under Cash Credit (Hyp.of Stock and Book Debts) Limit of Rs. 32.000 millions and Term Loan of Rs. 3.914 millions aggregating Rs. 35.914 millions granted to the Company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged (Including location of the property)	Property at C-109, Sector - Phase III situated at Eldeco SIDCUL Industrial Park, near Chorgalia Sitarganj, Distt. Udham Singh Nagar, Uttranchal admeasuring 1023.57 square meters.
Particulars of the present modification	Cash Credit (Hyp.) Limit of Rs. 32.000 millions and Term Loan of Rs.3.914 millions, Aggregating to Rs. 35.914 millions stands collaterally secured by way of EMT on Immovable Property of the Company situated at C-109, Sector - Phase III situated at Eldeco SIDCUL Industrial Park, near Chorgalia Sitarganj, Distt. Udham Singh Nagar, Uttranchal admeasuring 1023.57 square meters. Other terms and conditions remained the same.

Fixed Assets :

• Land
• Building
• Computer
• Printer
• Furniture and Fixture
• Air Conditioner
• Fan and Fittings
• Office Equipments
• Telephone Instruments
• Generator
• Cycle
• Vehicles

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. 44.67
UK Pound	1	Rs. 71.62
Euro	1	Rs. 63.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.